The problem in the manufacturing industry today is the speed with which orders move for both buyers and vendors. The big companies have no trouble with the way things work for them, but smaller companies have to fight with the issue of filling their production queues or getting replies to their RFQs. The SyncFab (MFG) is a blockchain dedicated to help in leveling the playing field by offering incentives that have never been there before. Also, the users of the blockchain can purchase and trade tokens to each other in various ways. The main objective is to revolutionize the Hardware manufacturing sector using the power of the blockchain technology.
Who can use the SyncFab?
Firstly, SyncFab blockchain can be used by Hardware innovators and Hardware manufacturers. The blockchain eliminates brokers and intermediaries so that Hardware innovators can increase their revenue. SyncFab provides them with effortless production tracking. Hardware manufacturers can also benefit from using the SyncFab blockchain.
Benefits of SyncFab
Both hardware innovators and manufacturers are set to benefit from using the platform. For hardware innovators can benefit from:
- On-demand purchasing, reordering, and tracking
- Connect with local vetted manufacturers
- Cheaper and high-quality quotes
- Secure communications and transactions through smart contracts.
Hardware manufacturers benefit from:
- Eliminate marketing costs
- Guaranteed payments through smart contracts
- Fewer headaches of overhead and processes focus on producing the best quality products
- Complete control of capabilities and pricing
The SyncFab blockchain uses the MFG as its utility token. Another key point, participants of the blockchain need to purchase and have the MFG to access the blockchain and enjoy the benefits that come with it. Using the MFG token, the SyncFab gives small and medium business access to supply chain marketplace and also allows them to incentivize transaction with each other. The MFG can be used by Buyer incentives, Seller incentives, automated and streamlined transactions and incentivized transactions and market.
As explained on the website “the token will be used to execute smart contracts, incentivize and reward purchasers and manufacturers who will be placing parts production orders within SyncFab and the Smart Manufacturing Blockchain.”
In short, the total number of MFG token in supply is one billion. SyncFab blockchain has the a hard cap of tokens.
The pricing structure
- Total Supply: 1,000,000,000 MFG
- 300,000,000 MFG (30%) allocated market (public) supply
- 1 ETH = 5,000 MFG
- Minimum = 500K USD (500 ETH)
- Soft Cap = $15M USD (15K ETH)
- Hard Cap = $30M USD (33K ETH)