What is SyncFab & What Problem Does It Solve?
SyncFab the Company
The primary mission of SyncFab is to foster reshoring. They believe that manufacturing locally is best for the planet as Governments and People care more how things are made when manufactured locally as opposed to "out of sight, out of mind." To this aim in 2013, SyncFab created an industry first online design-to-manufacture interactive supply chain ecosystem partnering academics, entrepreneurs, designers, engineers and materials suppliers with local industry. In 2016, SyncFab was recreated in response to an economic development challenge presented by San Leandro City as part of the San Francisco Mayor's Office of Civic Innovation Startup-in-Residence Program.
SyncFab Blockchain & Token
SyncFab provides a Smart Manufacturing Blockchain through public-private partnerships with manufacturers at the local, regional and national levels. Their goals are to advance efforts to decentralize manufacturing via a public, peer-to-peer ecosystem, powered by the MFG Utility Token.
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 Blockchain using Smart Contracts. Initially, incentives to join will be in the form of the MFG Utility Token, which gives value to tasks frequently done within the supply chain but which are not currently compensated, such as suppliers putting together quotes for purchasers. Incentives work for both purchasers and manufacturers as a way to bring them into the blockchain.
How is SyncFab trying to disrupt this industry? How are SyncFab’s solutions unique?
Intermediaries and large procurement firms control the access into many hardware manufacturing companies. They increase prices, rarely 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 losses of $1.5 billion in revenue within North American businesses. SyncFab was established in 2013 and has developed a unique online buyer-to-manufacturer platform that aggregates all orders and sends requests to manufacturers that match the buyer’s requirements which is being further developed to decentralize direct access on the Smart Manufacturing Blockchain. This results in eliminating intermediaries, utilizing our Smart Contracts upgrades to streamline procurement processes, and eliminating wasted labor-hours on miscommunication that lead to manufacturing mistakes or delays.
Token Allocation
In total there will be 1,000,000,000 MFG Tokens.
30% will be used for the market supply. ICO currently taking place.
Another 30% will be allocated towards their business partners.
15% returns to SyncFab in-house for research and development (Will be locked for 2 years)
The founding team and bounties account for 10%
Final 15% goes towards Smart MFG Tech LTD for promotion budget and network governance