Consensys to Tokenize Smart Contracts and Blockchain Audits
Consensys, a company that develops Ethereum-based software for use in decentralized protocols, has made the announcement that TURN Token would soon be available (Time- Unit Representative NFTs). According to the description of the token provided by the firm, Consensys Diligence will contribute to the development of a new market for tokenized security assessments. The service that the firm provides for verifying smart contracts is known as Consensys Diligence.
The company made the announcement that there would be a token sale from the 15th to the 19th of August in order to highlight and promote the TURN Token that was developed by Consensys. “Time- Unit Representative NFTs” is what “TURN” stands for as an abbreviation. The smart contract audit service that Consensys Diligence provides will also be tokenized, and it will be permitted to go through its own price discovery phase on the open market.
On Tuesday, the designer of Diligence, Goncalo sa, provided a comprehensive description of the coin and said that “it is the first token ever that will validate the considerable value of smart contracts and blockchain security evaluations.” The developer of the token said that “With this token, we have a clear objective of tokenizing work,” and that “we will also help make the Web3 more secure,” both of which would eventually contribute to the development of the free market system on the blockchain. The forthcoming exchange will display eight TURN tokens that comply with ERC721, each representing a different value.
In a manner similar to that of NFTs, TURN assets will be traded on secondary markets. However, in contrast to NFTs, the price of TURN will be contingent on a 40-hour time period that has been defined. Midway through March, Consensys, an Ethereum incubator, raised 450 million dollars, bringing the total worth of the company to 7 billion dollars. There are around one million users of Ethereum, and several of the company’s products, including Metamask, Mycrypto, Infura, Quorum, Truffle, and Diligence, are utilized by these users.
The founder of the firm is certain that the tokens would be beneficial to the smart contract auditing industry as well as the blockchain auditing industry. “By using TURN tokens, users are able to buy audits immediately rather than having to wait roughly six to nine months.” The developer underlined that this is the first step in tackling the auditing problem that has been plaguing our ecosystem.
Tokens based on the TURN protocol will be of tremendous use to anybody who needs auditing services. The way of thinking that the company employs makes it possible to conduct absolute price assessments of service activities and scheduling operations using assets.