- Consensys is going to launch TURN Tokens
- Smart Contract and blockchain audits will be tokenized by TURN tokens
Consensys, an Ethereum-based decentralized protocols software company, has publicized the launch of TURN Token ( Time- Unit Representative NFTs). The company gave details about the token and said that it will help in developing a new market for tokenized security survey through Consensys Diligence. Consensys Diligence is the company’s smart contract audit service.
TURN Tokens will be introduced in Mid- August
The company revealed that there will be a token sale from 15th to 19th August which will highlight and promote the TURN Token by Consensys. The term TURN stands for “ Time- Unit Representative NFTs”. The smart contract audit service of the company named Consensys Diligence will be tokenized and will be able to have its own price discovery phase through the open market.
On Tuesday, Goncalo sa, the founder of Diligence explained the token and said that “ it is the first token ever which will check the extensive value of smart contracts and blockchain security audits.” With this token, we have a clear vision of tokenizing effort and will also help in making the Web3 more secure which will eventually help in pushing the free market economy on the blockchain, the founder further added.
The forthcoming exchange will demonstrate a group of eight TURN tokens, which are ERC721- compatible and represent.
Like the NFTs, TURN assets will also be available to sell on secondary markets but the only difference is that- the value of TURN will be based on a fixed 40 hours of time.
In mid-march, the Ethereum brooder Consensys recently gained $450 million and its valuation boosted to $7 billion.
The company’s collection of products is used by about a million of Ethereum users as it directs Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence and much more.
The founder of the company strongly believes that the tokens would be advantageous to the smart contract and blockchain auditing industry.
“ The TURN tokens permit clients to buy an audit without waiting for a longer period of about 6 to 9 months. This is our first step of solving the auditing problem of our ecosystem” the founder highlighted.
The people who are in need of audit services, TURN tokens will help those kinds of people a lot. The company has a thought process of allowing absolute price evaluation of service engagements and scheduling processes through assets.