New token by ConsenSys enables security audits for the highest bidder

Ethereum

ConsenSys is set to tokenize smart contract and security auditing services through the upcoming auction of eight “timeboxed” TURN tokens.

The Ethereum-focused blockchain software company has developed the offering through its smart contract audit service ConsenSys Diligence. TURN, short for Time-Unit Representative NFTs, will create an open marketplace for security auditing services, which are in high demand in the burgeoning blockchain and cryptocurrency space.

The firm touts TURN as the first nonfungible token (NFT) purpose-built for smart contract security auditing services in the industry. It essentially tokenizes the labor powering these auditing services and allows the open market to price them appropriately.

TURN tokens are ERC 721-compatible and represent 40 hours of auditing time to holders. TURN will be able to be bought and sold on secondary markets from there, allowing new users to dictate the value of these services as and when they need them.

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

ConsenSys Diligence’s co-founder Gonçalo Sa told Cointelegraph that the solution was primarily driven by struggles to meet demands for manual code reviews in the Ethereum ecosystem. As a result, companies are looking at a six-month waiting time for an audit of their systems. Scheduling and pricing of audit slots have 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 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 offer eight weeks of services, tokenized in eight NFTs, which consist of five working days each. Auctions will start at 100,000 DAI ($99,995) and have a cut-off date by which the NFTs must be redeemed.

ConsenSys is set to tokenize smart contract and security auditing services through the upcoming auction of eight “timeboxed” TURN tokens.

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