New Token from ConsenSys Enables Security Audits for the Highest Bidder
Security audit expected to be tokenized by ConsenSys Diligence as TURN tokens are unveiled, creating an open market for the in-demand service .
New
ConsenSys is set to tokenize smart contracts and security auditing services with the upcoming auction of eight timeboxed TURN tokens.
The Ethereum-focused blockchain software company developed the offering through its ConsenSys Diligence smart contract auditing service. TURN, short for Time-Unit Representative NFTs, will create an open market for security audit services, which are in high demand in the booming blockchain and cryptocurrency space.
The company introduces TURN as the first non-fungible token (NFT) specifically designed for smart contract security audit services in the industry. It essentially symbolizes the workforce that powers these auditing services and allows the free market to price them appropriately.
TURN tokens are ERC 721 compliant and represent 40 hours of audit time for holders. TURN will be able to be bought and sold in secondary markets from there, allowing new users to dictate the value of these services as and when needed.
Related: ConsenSys Raises $450M in Series D Funding, Doubles Valuation in Four Months
Gonçalo Sa, co-founder of ConsenSys Diligence, told Cointelegraph that the solution was mainly driven by difficulties in meeting manual code review requests in the Ethereum ecosystem. As a result, companies are considering a six-month waiting period for an audit of their systems. Scheduling and pricing of audit windows has also been an area calling for innovation, according to Sa:
"With TURN, we aim to introduce an open marketplace for buyers and sellers of security audit services and potentially other time-limited human services. TURN is designed to be a token representing services at time limited in general. Nothing about it is suitable for security services per se."
ConsenSys Diligence will offer eight weeks of services, tokenized into eight NFTs, which consist of five business days each. The auctions will be...
Security audit expected to be tokenized by ConsenSys Diligence as TURN tokens are unveiled, creating an open market for the in-demand service .
New
ConsenSys is set to tokenize smart contracts and security auditing services with the upcoming auction of eight timeboxed TURN tokens.
The Ethereum-focused blockchain software company developed the offering through its ConsenSys Diligence smart contract auditing service. TURN, short for Time-Unit Representative NFTs, will create an open market for security audit services, which are in high demand in the booming blockchain and cryptocurrency space.
The company introduces TURN as the first non-fungible token (NFT) specifically designed for smart contract security audit services in the industry. It essentially symbolizes the workforce that powers these auditing services and allows the free market to price them appropriately.
TURN tokens are ERC 721 compliant and represent 40 hours of audit time for holders. TURN will be able to be bought and sold in secondary markets from there, allowing new users to dictate the value of these services as and when needed.
Related: ConsenSys Raises $450M in Series D Funding, Doubles Valuation in Four Months
Gonçalo Sa, co-founder of ConsenSys Diligence, told Cointelegraph that the solution was mainly driven by difficulties in meeting manual code review requests in the Ethereum ecosystem. As a result, companies are considering a six-month waiting period for an audit of their systems. Scheduling and pricing of audit windows has also been an area calling for innovation, according to Sa:
"With TURN, we aim to introduce an open marketplace for buyers and sellers of security audit services and potentially other time-limited human services. TURN is designed to be a token representing services at time limited in general. Nothing about it is suitable for security services per se."
ConsenSys Diligence will offer eight weeks of services, tokenized into eight NFTs, which consist of five business days each. The auctions will be...
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