ConsenSys Diligence is planning to tokenize security audits in conjunction with the launch of TURN tokens, opening up a market for the in-demand service.
Through the impending auction of eight “timeboxed” TURN tokens, ConsenSys plans to tokenize security auditing and smart contract services.
The Ethereum-focused blockchain software provider created the solution using ConsenSys Diligence, a smart contract auditing tool. Time-Unit Representative NFTs, or TURN, will provide a free market for security auditing services, which are in great demand in the developing blockchain and cryptocurrency industries.
The company claims that TURN is the first nonfungible token (NFT) created specifically for the industry’s smart contract security auditing services. The labor powering these auditing services is essentially tokenized, allowing the free market to fairly valuing them.
The ERC 721-compliant TURN tokens are worth 40 hours of auditing time to its owners. From there, TURN will be available for purchase and sale on secondary markets, enabling new customers to determine the price of these services as and when they require them.
Gonçalo, a co-founder of ConsenSys Diligence, said that challenges in meeting the demand for human code reviews in the Ethereum ecosystem were the main motivators for the solution. As a result, businesses must wait six months before having their systems audited. According to Sa, scheduling and charging for audit slots is another area that needs innovation:
“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 provide services over the course of eight weeks, tokenized into eight NFTs that each have five working days. The starting price for the auctions is 100,000 DAI ($99,995), and there is a deadline by which the NFTs must be redeemed.
Through the impending auction of eight “timeboxed” TURN tokens, ConsenSys plans to tokenize security auditing and smart contract services.
