With the launch of TURN tokens, ConsenSys Diligence plans to tokenize security auditing. This will make a market for the in-demand service.
ConsenSys plans to tokenize security auditing and smart contract services through the auction of eight “timeboxed” TURN tokens that will happen soon.
ConsenSys Diligence, a service for auditing smart contracts, was used to make the offering by the Ethereum-focused blockchain software provider. Time-Unit Representative NFTs, or TURN, will create a free market for security auditing services, which are in high demand in the growing blockchain and cryptocurrency industries.
The company says that TURN is the first nonfungible token (NFT) made just for smart contract security auditing services in the industry. The work that goes into these auditing services is basically tokenized, which lets the open market value them fairly.
The people who own ERC 721-compliant TURN tokens can use them to get 40 hours of auditing time. Then, TURN will be able to be bought and sold on secondary markets, where new users will be able to set the price for these services as and when they need them.
ConsenSys’s value has doubled in four months after it raised $450 million in Series D funding.
A co-founder of ConsenSys Diligence, Goncalo Sa, told Cointelegraph that the main reason for the solution was that it was hard for the Ethereum community to meet the need for human code inspections. As a consequence, businesses must wait six months before having their systems audited. Sa says that setting up times for audits and charging for them is another area that needs improvement:
“With TURN, we aim to introduce an open marketplace for buyers and sellers of security auditing services and potentially other time bound human services. TURN is designed to be a token representing timeboxed services in general. Nothing about it is tailored to security services per se.”
ConsenSys Diligence will provide services over the course of eight weeks, which will be tokenized into eight NFTs that each have five working days. The auctions start at a price of 100,000 DAI ($99,995), and the NFTs must be redeemed by a certain date.
ConsenSys plans to tokenize security audits and smart contract services through the auction of eight “timeboxed” TURN tokens that is coming up soon.