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New token by ConsenSys enables security audits for the highest bidder

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ConsenSys is ready to tokenize sensible contract and safety auditing providers by the upcoming public sale of eight “timeboxed” TURN tokens.

The Ethereum-focused blockchain software program firm has developed the providing by its sensible contract audit service ConsenSys Diligence. TURN, quick for Time-Unit Consultant NFTs, will create an open market for safety auditing providers, that are in excessive demand within the burgeoning blockchain and cryptocurrency house.

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The agency touts TURN as the primary nonfungible token (NFT) purpose-built for sensible contract safety auditing providers within the trade. It primarily tokenizes the labor powering these auditing providers and permits the open market to cost them appropriately.

TURN tokens are ERC 721-compatible and characterize 40 hours of auditing time to holders. TURN will be capable to be purchased and bought on secondary markets from there, permitting new customers to dictate the worth of those providers as and once they want them.

Associated: ConsenSys raises $450M in Series D funding, doubles valuation in four months

ConsenSys Diligence’s co-founder Gonçalo Sa instructed Cointelegraph that the answer was primarily pushed by struggles to fulfill calls for for guide code critiques within the Ethereum ecosystem. In consequence, corporations are taking a look at a six-month ready time for an audit of their methods. Scheduling and pricing of audit slots have additionally been an space calling for innovation, based on Sa:

“With TURN, we goal to introduce an open market for consumers and sellers of safety auditing providers and doubtlessly different time certain human providers. TURN is designed to be a token representing timeboxed providers normally. Nothing about it’s tailor-made to safety providers per se.”

ConsenSys Diligence will provide eight weeks of providers, tokenized in eight NFTs, which consist of 5 working days every. Auctions will begin at 100,000 DAI ($99,995) and have a closing date by which the NFTs should be redeemed.

ConsenSys is ready to tokenize sensible contract and safety auditing providers by the upcoming public sale of eight “timeboxed” TURN tokens.