What is SyncFab (MFG) Crypto Beginner’s Guide
SyncFab is a blockchain platform for manufacturing supply chains. It contains smart contracts and a digital currency – MFG. MFG is a utility token. It is given as a reward for reordering. Manufacturers can offer discounts with MFG tokens. MFG tokens can incentivize faster bidding at auctions. A total of 1 billion MFG tokens were created. 300 million were reserved for the token sale. The tokens were distributed as follows:
30% – Token Sale
30% – Partnership Pool
15% – SyncFab
10% – Team & Bounty
15% – Smart MFG Tech LTD
Ether tokens were accepted as payment during the token sale. The exchange rate during the token sale was 1 ETH = 5,000 MFG. The hard cap during the token sale was 30 million USD. The funds from the token sale were used for the following expenses:
Software(50%); Marketing(15%); Operations(15%); Legal(5%); Reserve(5%); Smart MFG Tech LTD(10%)
Tokens that were not sold were destroyed. During phase 1, 50 million MFG tokens were destroyed. During phase 2, 50 million MFG tokens were destroyed. In both phases, 1 million of the tokens were from the team pool. A third phase is planned for token destruction.
SyncFab Digital Wallets and Trading Information
MFG tokens are traded on several cryptocurrency exchanges including BitForex, Bancor Network, IDEX, CoinExchange, and Cobinhood. MFG tokens are paired with ETH, BNT, and BTC tokens. MFG has a market capitalization of $1.47 million. Daily trading volume exceeds $1.67 million. The circulating supply is 160,488,754 MFG. The total supply is 950,000,000 MFG.
Matching Buyers with Manufacturers
SyncFab is creating the world’s first peer-to-peer manufacturing supply chain. It is a decentralized manufacturing effort. The token is designed for public and private blockchains. SyncFab is based in Silicon Valley. SyncFab matches buyers with manufacturers. SyncFab allows for local sourcing. SyncFab is revolutionizing how manufacturers meet supply chain demand.
The resources available to manufacturers isn’t clear to buyers. 39% of buyers don’t don’t know how much supply and capacity their logistic partners and suppliers have. SyncFab helps buyers manage cross-functionality and helps them make better real-time decisions.
Automatic Updates and Cybersecurity Features
One of the biggest problems that affect supply chains is the lack of regular updates regarding production and material requirements. This could lead to slower production times, higher production costs, and low product quality.
SyncFab offers automatic updates that inform buyers on the progress of production. There’s a tracking feature which will help buyers make better decisions. This will make communications between buyers and manufacturers more effective.
SyncFab takes cyber security very seriously. Their platform stores intellectual property, documents, and forms in Amazon Web Services servers. Users can access documents in real-time and compare pricing and past requirements for procurement.
Reducing Lost Labor Hours
Another area of concern that SyncFab is addressing is the loss of labor-hours due to inefficient procurement processes. About $1.5 billion is lost annually by North American companies for this reason.