Have you heard about a Blockchain powered Manufacturing System? In this review we will cover the SyncFab project. They are decentralizing the manufacturing industry through direct transactions between buyers and hardware manufacturers on the blockchain. They are the first blockchain token in Manufacturing industry and are reshaping supply chain management through a public, direct peer to peer manufacturing ecosystem.If you are a hardware manufacturer, through Syncfab you can have buying directly connect to your manufacturing facility and facilitate payments between the two parties. Payments to one another are guaranteed through SyncFab smart contracts and give the owners full control over pricing and capabilities of the deal. Currently in the manufacturing industry companies have to hire procurement brokers and agents just to search and order specific parts and pay out finders fees to brokers who can source parts efficiently. However, with blockchain technology Syncfab can create direct business relationships between manufacturers and suppliers.
Syncfab already has an existing platform where they host supply chain management tools to organize track and procure local parts production for manufacturers, and allow people to access local machine shop capabilities. Their system has been running since 2013 and has already connected thousands of purchasing departments and individuals to fabrication and manufacturing facilities to get them the tools or supplies that they need. Now with the integration of blockchain technology, they are making the process cheaper for both purchasers and manufacturers.In 2016 SynFab was recognized by the Obama Adminstration in the White House and the Department of Energy added SyncFab into the Clean Energy Smart Manufacturing Innovation Institute. Syncfab received a 97% inception score based on a monte carlo wrapped machine learning algorithm from New York University which analyzed more than 6000 start-up founders based on education, work & start-up experience and personality through artificial intelligence analysis of their digital footprints. It really is the team who will make or a break the success of a project
SyncFab(MFG)-Token
The MFG Erc20 token powers the syncfab supply chain. It is a utility token used on the platform to reward purchasers and manufacturers as well as make payments, protect intellectual properties, promote trust and transparency through the process of using smart contracts on the blockchain for facilitating direct payments between parties. There are some interesting features built into syncfab, like the ability to create bid auctions which can incentivize manufacturers for fastest quotes with MFG tokens, as well as the ability to earn tokens for showing quality service through consistent re-orders, and discounts on orders through tokens. The MFG token will start integration into the SynCFab platform in Q2 2018 and then Smart contracts will be integrated for purchasers, then suppliers then for the supply chain blockchain.
The SyncFab Project
The leaders of the SyncFab team have been together and working on this project since 2013. The CEO Jeremy Goodwin served as the CFO of China Advanced Construction Materials company, leading 2000 employees prior to becoming the CEO of Syncfab in 2013, and also was the managing director of 3G capital Partners managing more than $250 million dollars in transactions. Andy Tong is known for his success as the CEO and Founder of MMOABC which had millions of monthly visitors and now he is the Chief Strategy Officer of SyncFab in charge of fostering relationships with strategic partnerships, investors and customers. Jay ligda is the CTO of Syncfab and manages trhe team of developers creating the syncfab application and has been in the development community for over 20 years. Dennis Delgado is the Chief Design officer bringing over 10 years in art and design and is developing the online experience of Syncfab platform to match the business needs of manufacturers using the platform.
The SyncFab Team
The SyncFab Advisory Board includes Mike Jones, who is LA’s most active angel investor and has $2.5 billion in exits , Gil Penchina who is a angel investor who’s invested in Brave, ripple, filecoin, civic, EOS, and PayPal plus he’s invested in 300 other companies. And Jeff Berwick who founded Canada’s largest financial website stockhouse.com and Dollar vigilante, promoting Bitcoin since it was 3 dollars, among a team of other advisors.
Now It’s Token Sale
SyncFab is having a tokensale of their MFG tokens, so let’s break down the ICO details. Out of a total supply of 1 billion MFG tokens, 30% or 300 million are going to the tokensale, 30% are going to the partnership adoption pool, 15% will go to syncfab’s development team, 10% will go to the leadership team and for bounties, and 15% will go to Smart MFG Tech Limited. While the minimum funding is 500 Ethers, the soft cap of 15,000 Ether will allow them to fund the development of the platform and smart contracts, and the hard cap of 33,000 ether will allow upgrades to adapted blockchain 3.0, live data solutions and more strategic partnership outreaches. Any unsold tokens in the event will be destroyed as well. As for the allocation of the funds collected, 50% will go to software development, 15% for marketing, 15% for operations, 5% for legal, 5% are in reserve and 10% will go to Smart MFG Tech Limited. There is a 25% bonus on Syncfabs public presale and then the Main ICO starts on February 15th
SyncFab’s Smart Manufacturing Blockchain
Through public-private partnerships with manufacturers at the local, regional and national levels, SyncFab’s Smart Manufacturing Blockchain will advance efforts to decentralize manufacturing via a public, peer-to-peer ecosystem, powered by the MFG Utility Token.
isolated and inaccessible manufacturers, widening their inter-industry networks and encouraging collaboration to meet global production demands. By collecting quality data about today’s opaque manufacturing supply chain and making it public, SyncFab’s platform aims to make the supply chain more transparent, efficient, and sustainable.
The paper highlights the development of SyncFab’s decentralized application, the MFG Utility Token which incentivizes streamlining of bidding and procurement processes, and details the upcoming MFG Utility Token Distribution Event (token sale). Blockchain and smart contracts serve as the way forward into the Industrial Revolution 4.0, creating economies of scale and potentially aggregating supply.
Advantage of SyncFab
Decentralized manufacturing will make the industry more accessible, secure and economically sound for more participants in a direct peer-to-peer (P2P) ecosystem. SyncFab envisions a vibrant ecosystem of purchasers, manufacturers, suppliers and logistics service providers actively buying, selling and ordering manufacturing-related services within the Smart Manufacturing Smart Contract Blockchain. Initially, incentives to join will be in the form of the MFG Utility Token, which give value to tasks those within the supply chain already do and are not currently compensated for, such as suppliers putting together quotes for purchasers. Incentives work for both purchasers and manufacturers as a way to bring them into the blockchain. The MFG Token’s value will shadow the value of relevant workers’ hourly wage in accordance with its intended reward audience.
Moreover-SyncFab
Enter SyncFab, a new idea in manufacturing supply chain management. The platform eliminates intermediaries and brokers in the hardware manufacturing process, saving money, time and headaches. The system allows buyers to connect directly to hardware manufacturers, place bids, select vendors and provide effortless production tracking. It also allows manufacturers to eliminate marketing costs by having buyers directly connect to the manufacturing facility. The SyncFab platform also guarantees payments via smart contract and gives producers full control of pricing and capabilities.
The SyncFab platform was established in 2013 and to date has established an online, decentralized buyer-to-manufacturer platform which already aggregates orders and sends requests directly to matching manufacturers. It is the first peer-to-peer Industrial IoT (internet of things) manufacturing blockchain for the hardware manufacturing supply chain. The company has also already established impressive partnerships that include the City of San Leandro, the Clean Energy Manufacturing Innovation Institute and Bay Area Advanced Manufacturing. The company has also already received a 97% ICO score from Aingel’s ICO Scoring system which predicts the likelihood of successful ICOs, and has already raised more than USD $1 million from its public presale efforts.
How The SyncFab System Works
The SyncFab system is connected via the MFG Utility token. The token plays a vital role in the platform in that it creates a way for online value sharing to occur within the decentralized manufacturing ecosystem already in existence.
Here are the details of the upcoming SyncFab token sale:
The MFG token will, in turn, be used by early adopters of the SyncFab system to pay for order quotes. After the build financed by the crowd sale, users will be able to unlock and update smart contracts and pay transaction fees. MFG tokens will also incentivize manufacturers for the traditionally uncompensated time in creating quotes and allow manufacturers to be more responsive to time-sensitive deadlines. The tokens are also designed to solve current supply chain trust dilemmas – namely, purchasers do not know enough about their suppliers to place an order confidently.
Official Links
Official Web: https://syncfab.com
News: http://blog.syncfab.com
Sell tokens: https://blockchain.syncfab.com
Twitter: https://twitter.com/syncfab
LinkedIn: https://www.linkedin.com/company/syncfab
YouTube: https://www.youtube.com/user/syncfab
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