A new open market for buyers and sellers of Diligence smart contract security audits is built on TURN Tokens (Time-Unit Representative NFTs), which were developed as a result of a shared vision for a more secure web3 and advance the free market economy on the blockchain.
Diligence smart contract audits and the precise time they are to be done are offered as TURN tokens in this new market, giving suppliers more opportunity and stronger incentives as well as better conditions, prices, and expectations for customers.
TURN is the first token of its type to quantify the enormous value of smart contract and blockchain security audits through fair market price discovery.
Consensys Will Launch the TURN Token to Tokenize Smart Contract and Blockchain Audits
Eight ERC721-compatible TURN tokens that stand for “40 hours of time in which an audit can be provided” will be offered in the next auction. In a manner similar to that of other kinds of NFTs, TURN assets can be traded on secondary markets after the sale, but their value is based on the “timeboxed” 40 hours of time.
Midway through March, the Ethereum startup Consensys raised $450 million, increasing its valuation to $7 billion. Consensys manages Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and other services for millions of Ethereum users. Sá thinks TURN tokens can help the blockchain auditing and smart contract industries.
“TURN enables clients to purchase an audit without having to spend 6 to 9 months in a long line. This is the first step towards addressing the auditing bottleneck in our ecosystem, Sá said.
For customers who need audit services, TURN tokens will serve a very specific purpose, and Consensys believes the assets will enable “optimal pricing discovery of service engagements and scheduling processes.” In the area of decentralised finance (defi), auditing code can assist in preventing expensive mistakes discovered in subpar programing.
How TURN Token Formed
We are thrilled and eager to use the TURN token to promote greater opportunity and better incentives for smart contract audit providers, as well as clearer terms, rates, and expectations for customers, in response to the huge demand for our smart contract auditing services. The TURN token will be the first of its kind to quantify the enormous value of smart contract and blockchain security audits through fair market price discovery.
How is The Diligence TURN Token Used
On turnplatform.bid, our first public auction will run from August 15 at noon UTC until August 19 at noon. Direct client awards or mint-time sales of the Diligence TURN token are both appropriate. Diligence TURNs are only intended for limited use. Diligence TURNs should only be issued by the issuer and be redeemable by any of its users directly in the TURN platform (as long as they adhere to the current token terms of service).
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