HomeBitcoinNew ConsenSys Token Allows Security Audits for Highest Bidder

New ConsenSys Token Allows Security Audits for Highest Bidder


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.

Leave a Reply


Argo Blockchain Sells Bitcoin Mining Facility to Galaxy Digital Holdings in Struggle to Stay Afloat.

The Bitcoin mining crisis continues as miners continue to sell their facilities. Argo Blockchain saw its shares rise in London trading yesterday after agreeing to...

Cryptocurrency Winter to Last “At Least One More Year”, Says Octopus Network Founder.

Octopus Network, a multi-chain cryptocurrency network based on the NEAR protocol, has laid off around 40% of its core team and reduced salaries for the...

MicroStrategy Boosts Bitcoin Holdings with $42.8 Million Purchase.

MicroStrategy, the company co-founded by Michael Saylor, has announced that it has made further purchases of Bitcoin since November 1st. According to today's report, the...

China’s CBDC wallet relies on an age-old custom to increase adoption.

The digital yuan wallet app now includes a traditional Chinese method of donating money that has gone virtual with the rise of digital payments. China's wallet...

Follow us


Most Popular

%d bloggers like this: