In the next auction of its 8 TURN tokens, ConsenSys’ plan is the tokenization of smart contracts as well as the services related to security auditing. The Ethereum-based blockchain software firm has constructed the offering via ConsenSys Diligence (its service for the audits of the smart contract). Time Unit Representative NFTs (TURN) will provide an open market dealing with the services related to security auditing, which are demanded on a broad level within the crypto and blockchain sector.
TURN Token of ConsenSys Provides Security Audits
The platform promotes TURN as the initial non-fungible token (NFT) that is specifically made for the security auditing-related services for the smart contract within the crypto industry. Normally it tokenizes the labor required for the respective auditing services as well as permits the open market to adequately price them. TURN tokens have compatibility with ERC-721 and offer up to 40 hours of auditing time to their holders.
TURN will potentially be sold and purchased on the secondary markets, permitting the new consumers to determine these services’ value at the time of their requirement. Gonçalo Sa, the co-founder of ConsenSys Diligence, stated that firstly the solution was led by the endeavors to cope with the demands related to the labor-intensive code reviews within the ecosystem of Ethereum. As a consequence, firms are focusing on a waiting time of 6 months for their systems’ audit.
The audit slots’ pricing and scheduling have additionally been a region that demands innovation, in the words of Sa. He added that TURN’s objective is to provide an open marketplace facilitating the sellers and purchasers of the services related to security auditing along with the rest of the human services that are potentially time-bound. In general, the TURN token is constructed to represent timeboxed services. He revealed that no intrinsic tailoring has been done in the case of the security services.
Scheduling and Particulars of the Auctions
The consumers will be offered services – that will be tokenized in nearly eight non-fungible tokens – for up to 8 weeks by ConsenSys Diligence, comprising of the 5 working days in the case of each NFT. The point for the beginning of the auctions will be 100,000 DAI (approximately $99,995). A cut-off date will be specified till which the redeeming of the NFTs will be mandatory. The plan of ConsenSys is smart contract tokenization in addition to the auditing services via the impending auction of almost 8 TURN tokens.
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