ConsenSys Launches TURN Token
NEW YORK, July 19, 2022 – ConsenSys Diligence, the leading comprehensive smart contract audit service from ConsenSys, today announced the upcoming launch of the TURN token. TURN (Time-Unit Representative NFTs) creates a new open marketplace for buyers and sellers of security auditing. The token goes on sale for a limited time at turnplatform.bid from August 15, 2022 at 12:00 p.m. UTC to August 19, 2022 at 12:00 p.m. UTC.
TURN is the first NFT for tokenizing services, such as Diligence’s smart contract security auditing service, providing market-based price discovery.
“TURN is the first token of its kind to quantify the immense value of smart contract and blockchain security audits,” said Gonçalo Sá, co-founder of Diligence. “With the TURN token, we’re tokenizing labor and helping deliver on the vision for a more secure Web3 that advances the free market economy on the blockchain.”
Sá added, “TURN allows customers to purchase an audit without waiting in a massive queue for 6 to 9 months. This is the first step in solving the bottleneck with auditing in our ecosystem.”
Each TURN is an ERC721-compatible token that represents 40 hours of time in which an audit can be provided. TURN tokens, which will be awarded to clients directly or sold at mint-time, can be traded secondarily among customers who require audit services, and therefore allows optimal price discovery of service engagements and scheduling processes. They each represent a slice of time for a smart contract auditor and they allow the free markets to price it.
For more information, visit the Diligence TURN Token launch site at turnplatform.bid.
ConsenSys is a leading Ethereum and decentralized protocols software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, Truffle, Diligence and our NFT platform, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open source foundation, we are building the digital economy of tomorrow. To explore our products and solutions, visit http://consensys.net/.