ConsenSys Diligence’s smart contract auditing service will soon be available for purchase as non-fungible tokens (NFT). The company plans to tokenize the service by issuing eight TURN tokens.
ConsenSys plans to auction off eight original TURN tokens, each of which will enable ConsenSys Diligence’s smart contract auditing service.
Demand for auditing services has grown tremendously in recent years, and customers are forced to wait in line for up to six months to have their projects audited. According to ConsenSys Diligence co-founder Gonçalo Sá, tokenizing the service will shorten the waiting period for audits for TURN token holders.
ConsenSys is an Ethereum blockchain software company. Its auditing division, Diligence, positions the initiative as “the first token and marketplace for time-based services.” The TURN (Time-Unit Representative NFT) token will create a new open marketplace for buyers and sellers of security audits. The company plans to issue a total of eight TURN tokens, each representing 40 hours of working time in which an audit can be performed.
TURN is an ERC721-compatible non-fungible token. So TURN will not only be available for purchase but also for lease, like other NFTs of this standard.
Tokens are scheduled to be sold from August 15 to 19 this year. All eight TURN tokens will be auctioned off simultaneously. According to the auction rules, the token will go to the highest bidder. The starting price of one TURN will be 100,000 DAI (~$100,000). Sá said this approach would “advance the free market economy on the blockchain.”
The tokenization of physical assets and services has gained widespread popularity in recent years. Thus, the Central African Republic’s government is interested in tokenizing natural resources. Vietnam plans to tokenize human genomic profiles. The Royal Museums of Fine Arts of Belgium tokenized a painting to buy it. And in Australia, carbon credits were recently tokenized and sold for bank stablecoins for the first time.
