SyncFab (MFG) Review – SyncFab ICO Rating and Details.

Decentralized hardware manufacturing. Syncfab revolutionizes manufacturing by connecting buyers directly to hardware manufacturers. Through the Smart Manufacturing Blockchain, purchasers and manufacturers will be able to streamline the procurement and supply chain processes, protect intellectual properties, source, and track parts production in real time and ondemand.

Ticker:
MFG

Token type:
ERC20

ICO Token Price:
1 MFG = 0.17 USD (0.00020 ETH)

Fundraising Goal:
27,700,000 USD (33,000 ETH)

Total Tokens:
1,000,000,000

Available for Token Sale:
30%

What is SyncFab?

SyncFab is a platform that can be used as an app, that is designed to allow manufacturers and purchasers to have a more direct and transparent relationship, which eliminates the need for costly middle-man – known here as brokers. By eliminating the middle-man and decentralizing the area of hardware manufacturing, overhead costs for both manufacturers and purchasers will decline, and there will be more

The ICO uses Blockchain technology that is the basis for currencies such as Bitcoin. The concept for SyncFab was created in the fourth quarter of 2013. From there they launched SyncFab 1.0 in the second quarter of 2015, and in 2016 SyncFab was selected by San Francisco for their Civic Technology Partnership Program, as well as the White House and Department of Energy for their Clean Energy Smart Manufacturing Innovation Institute.

The platform SyncFab 2.0 was launched in the third quarter of 2017 and their stated goal for the launch of SyncFab 3.0 is in 2019.

How Does SyncFab Work?

Hardware innovators using SyncFab will benefit from the ability to connect with an entire network of manufacturers who have been vetted for their legitimacy. When the innovators are discussing their fees and business with the manufacturers, they can be ensured that their discussions are secure, and together they will be able to develop fair contracts – the quotes being significantly cheaper and fairer. Additionally, they will get access to the tools that allow them to purchase, track, and re-order right through the platform.

For the manufacturers, SyncFab will be able to cut down on overhead by either eliminating or substantially reducing marketing costs, because potential buys will able to connect directly to the manufacturing facility. The lack of overhead will lead to less stress and more time to focus on improving the product itself. It also comes with the added bonus of complete control regarding the pricing of the product.

The platform itself will allow all users to view digital inspection reports on all parts before they are shipped, manage all of their purchase orders in just one place, not have to pay until after all the parts are received or delivered, review the qualifications of the suppliers through forms provided by SyncFab, and upload customer non-disclosure agreements (NDAs) that SyncFab can review personally.

Features and Benefits of SyncFab

The features and benefits of SyncFab are made apparent through the official SyncFab site that highlights the interface of the platform and how it works.

Quotes can be approved efficiently, and the user can make online payments directly after they are notified and approve. Project management is made simple and allows the user to organize the parts related to their projects, track parts during production with instant updates, and reduce the risks involved by making decisions quicker.

Shipments of parts can be inspected and improved prior to being sent through shipment reports. The shipments themselves are insured through the carriers such as FedEx, UPS, and more. And all the shipments can be tracked through the app and the updates that it provides.

The SyncFab Token Sale

The ICO token sale does no officially kick off until February 15th. They are currently in the midst of a public presale that offers buyers a 25% bonus on their investments. The website for the public sale of tokens does not offer a clear end date to their current sale.

The fundraising goal for the token sale is $26.5 million which is equal to 33,000 ETH, which is seemingly the only form of currency that is accepted by the company. 1 MFG is equal to 0.0002 ETH and about $0.16. The minimum goal for the sale is $500,000 or 500 ETH, with the maximum cap being set at. A total of 1,000,000,000 tokens is set to be created, and they will be distributed at the end of the public sale event.

The tokens will be allocated through a breakdown of 50% going to the software, 15% to marketing, 15% to operations, 5% to legal, 5% going into reserve, and the remaining 10% going to Smart MFG Tech LTD. As far as the funding allocation, 30% is going to the token sale, 30% to partnership adoption pool, 15% for SyncFab tech development, 10% going to the team, and the remaining 15% going to Smart MFG Tech LTD.

Who’s Behind SyncFab?

The team behind SyncFab is detailed through their official website. At the top there is Jeremy Goodwin, the Chief Executive Officer, who in the past has served as CFO of an advanced construction materials company in China that oversaw 2,000 employees. Next is Andy Tong, the Chief Strategy Officer, describing himself as a successful entrepreneur who has started companies that have generated millions of monthly visitors with nothing spent on advertising.

Other key members of the SyncFab team include the VP of marketing in Ben Gerstein, who has over 12 years of experience in digital marketing and working with start-ups. Jay Ligda is the Chief Technical Officer, who is self-educated and has 20 years of experience in development. The Chief Design Officer has worked in the art and design world for over 10 years and has worked both a gallery director, but also a UI/UX designer.

These are just a handful or the key members of the Blockchain team. They also feature a board of 10 advisors, who cover several different relevant areas such as business, technology, finances, marketing, security, and more.

Conclusion

SyncFab has been in development for some years now, and it is encouraging to see that it has been embraced by the city of San Francisco as well as the Department of Energy. In theory the idea of allowing hardware innovators to have more direct contact with hardware manufacturers, who can then produce the product and have it shipped securely back to the innovators seems sound, but we do have a few questions regarding its viability.

First the ICO mentions that one of the main benefits of the platform will be the reduction on overhead costs for both innovators and manufacturers but does not get specific regarding what those overhead costs are or provide specific figures as to the savings that users can expect. Currently, all the machine shops associated with SyncFab are only set in California it seems, which means platform has a lot of growing to do before we can declare it truly viable.

Overall, the idea behind SyncFab does seem sound and in theory the benefits that is provides to both innovators and manufacturers seem legitimate. The team behind SyncFab looks to have significant experience and with their official token sale starting in just days we will be able to learn far more about the ICO’s viability.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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