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ICO Alert Quick Facts
- Supply chain and manufacturing blockchain platform
- 1 ETH = 1,250 MFG
- January 1, 2018 — March 15, 2018
- 300,000 total available / 1,000,000,000 total supply
- 25% token bonus during Pre-ICO
What is SyncFab?
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.
— SyncFab Team
Q&A with SyncFab Team
ICO Alert: How does the SyncFab token (MFG) function within the platform and why is it needed?
SyncFab: 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.
ICO Alert: Can you give us an estimation of how large the global manufacturing supply chain industry is at its current state? What is the prediction for future growth in the sector?
SyncFab: Industrial manufacturing in the U.S. steadily rose, with growth forecasted at 5% compounded annually into 2018. In 2014, an estimated $1.4 trillion in exported goods were made in the United States. U.S. companies investing heavily in IIoT technologies stand to gain yields from global demand as high as $10-$15 trillion by 2030, according to an Accenture Technology.
ICO Alert: What are some of the major issues currently facing the manufacturing supply chain industry? How is SyncFab solving these issues?
SyncFab: Intermediaries and large procurement firms control the access into many hardware manufacturing companies. They increase prices, don’t provide Intellectual Property protection, and make it difficult for small innovators and medium sized business to easily source manufacturing. 31% of buyers cite finding the right manufacturing suppliers as being a problematic issue, 39% have experiences security breaches in the last 12 months, and Inefficient product procurement processes account for yearly loss of $1.5 billion in revenue within North American businesses. SyncFab was established in 2013 and has developed a online decentralized buyer- to-manufacturer platform aggregates all orders and sends requests directly to manufacturers that match the buyer’s requirements on the Smart Manufacturing Blockchain. Eliminating intermediaries, utilizing our Smart Contracts to streamline procurement processes, eliminating wasted labor-hours on miscommunication that lead to manufacturing mistakes or delays.
ICO Alert: In your whitepaper you predict that the world is moving toward the age of Industrial Revolution 4.0. Can you elaborate on this claim?
SyncFab: According to a study performed by PWC and shared by the World Economic Forum in 2016 — Companies from all sectors across the globe are embracing “Industry 4.0”, or business in the digital age. About one third of 2,000 companies surveyed in 26 countries already rate their level of digitization as high, and this value is expected to rise on average from 33% to 72% by 2020. In South Africa, the current level of digitization and integration is expected to rise from 27% to 64% by 2020.
ICO Alert: How do hardware manufactures and potential buyers interact within the platform? Can you take us through a specific user case?
SyncFab: Current features within SyncFab connect purchasers to a network of vetted manufacturers for a streamlined procurement process. Users on the site can:
Scan through an expanding database of vetted machine shops, mapped by locality
Search each company’s machine capabilities
Find Profiles, certifications and production ratings of parts manufacturers
Process Request-for-quotation (RFQs) ordering & management
Upload and share design files
Enter Quality Inspection reports
Review Order and Re-Order histories
Communication between buyers and suppliers facilitated by SyncFab
Make payments to 3rd-parties via Stripe integration
Make direct ACH and wire transfer with banks for lower transaction costs
Order product shipment with delivery tracking
ICO Alert: Why would companies utilize SyncFab over the more traditional services for hardware manufacturing?
SyncFab: A procurement process on SyncFab saves significant time and provides greater sourcing accessibility with the ability to track and organize parts production compared to traditional procurement processes within the supply chain as it currently functions.
ICO Alert: How does already having a functioning platform benefit the company moving forward and what has been the initial reaction from the community?
SyncFab: It allows us to stand out from the crowd of other blockchain concept companies conducting token sales from an MVP or POC. The initial reaction has been one of both excitement and relief albeit with a lot of questions and renewed interest in the industry which is what we were hoping for to champion the cause of the manufacturing working class and those traditionally seen as “left behind” or “have-nots” in the current environment of rapid technological development.
ICO Alert: The Ethereum network has occasionally suffered from slow transaction times. Is there any concern that this may affect the SyncFab platform?
SyncFab: Ethereum was the originator of the Smart Contract protocol matching perfectly with our smart manufacturing process making it the perfect partner. Nevertheless, we are concerned about evidence of the networks growing pains in recent months and are making plans to compensate accordingly while at the same time encouraged by recent announcements from the Ethereum Foundation regarding planned upgrades to address affected transaction times.
ICO Alert: As a non-SyncFab question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
SyncFab: Cryptocurrency will replace fiat and ICOs will replace IPOs.
The Pre-ICO began on January 1, 2018 and will run until February 15, 2018. There are a total of 300,000,000 Smart Manufacturing tokens (MFG) available during the entire ICO period, representing 30% of the total ADP supply. A hardcap of 60,000 ETH is set for this period.
1 ETH = 1,562
+ 25% Bonus
The main ICO begins on February 15, 2018 and ends on March 15, 2018. There are a total of 300,000,000 Smart Manufacturing tokens (MFG) available during the entire ICO period, representing 30% of the total ADP supply. A hardcap of 60,000 ETH is set for this period.
1 ETH = 1,250 MFG
Token Distribution Information
There are a total 1,000,000,000 MFG tokens being created, with 300,000,000 MFG available during main ICO.
Contributors will receive their tokens after the main ICO in order for team to confirm that the project has reached its minimum goal and comply with the KYC process.
Visit the SyncFab website for more information and the contribution address.
30%: Token Sale
30%: Partnership Adoption Pool
15%: Technical Development
15%: Smart MFG Tech LTD
10%: Founding Team and Bounty
Use of Crowsale Proceeds
50%: Software Development
15%: Marketing and Business Development
15%: Administration and Operational Expenses
10%: Smart MFG Tech LTD
5%: Legal and Compliance
Jeremy is currently the CEO of SyncFab. From 2008–2012, Jeremy served as EVP and CFO of China Advanced Construction Materials Company leading it to peak performance of 2,000 employees and NASDAQ IPO. From 2002–2008, Jeremy was Managing Director of 3G Capital Partners and Global Capital Group — Trans-Pacific Merchant Banking Firms with more than $250M in transactions.
Andy Tong is a entrepreneur known for his success as CEO and Founder of top online game portal MMOABC which garnered millions of monthly visitors from North America with zero spent on advertising. Andy’s current role as Chief Strategy Officer involves influencing, maintaining, and fostering relationships with strategic partnerships, investors, and customers.
Jay is currently the Chief Technology Office of SyncFab. Jay’s responsibilities involves managing a team of developers to maintain, and develop the SyncFab application. Jay is a self-educated technologist who’s been in the development community for the last 20 years.
Dennis has over 10 years in the art and design world. He has worked in many roles from gallery director to UI/UX designer. He has curated numerous Art & Design shows with artists whose works are in the collections of SFMoMA, MoMa, Mint Museum, Pompidou, and The Art Institute of Chicago. Currently, he is developing the online experience of the SyncFab platform matching businesses to local manufacturers.
Victor has a vast set of experiences in the startup, public, and private sector, both nationally and internationally. He was educated as an Engineer, but since have expanded his experience to include marketing, sales, customer success and product management.
View the SyncFab website here.
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Source: ICO Alert