If you want to get something manufactured, you’ll quickly run into problems. Unless, of course, you’re a large company, a giant in the field, with a ton of money and connections. The rest of the market doesn’t look as good. A significant number of buyers has trouble with finding the right manufacturing suppliers. Businesses lack intellectual property protection; the issue of IP is a large concern. SyncFab, an ICO for the manufacturing industry, wishes to resolve these problems.
Use Cases of SyncFab, Description of the Project
The company is attempting to create a decentralized market connecting buyers and manufacturers without any intermediaries. Payments would be guaranteed through smart contracts, and manufacturing supply chains would make use of a blockchain powered by the MFG token.
With MFG, you can create unique bids to stimulate manufacturers to offer better prices. Loyalty rewards can be offered for reordering. Discounts can be made available. The token will be ERC20, as usual, and on the Ethereum blockchain. It will be required to pay transaction fees on the platform.
Financial Details of SyncFab
At time of writing, the token sale is live. SyncFab is not a huge project in terms of money poured inside. It has a soft cap of 30k ETH, and a hard cap of 60k ETH, with the minimum goal being 10k ETH. One ETH will equal in price to 1250 MFG. 300,000,000 MFG tokens will be available for sale.
The SyncFab Team
CEO of SyncFab, Jeremy Goodwin, is an eloquent man. Fluent in Chinese and French, passionate about AI, blockchain and Bitcoin. From his LinkedIn profile, we learn that SyncFab is a partner to the D.O.E & D.O.C Clean Energy Smart Manufacturing Innovation Initiative (CESMII), appointed by the White House and US Departments of Energy and Commerce plus the National Network for Manufacturing Innovation, worth $140MM. Quite an achievement!
Andy Le Tong, CSO, is a serial entrepreneur, recognized for his achievements in the video game industry. The massively multiplayer online game portal MMOABC, of which he was a CEO, received attention of millions of North American gamers. He didn’t spend a penny on advertisement, and that was before the age of social media!
The team consists of 9 members and 10 advisers. Each one has an impressive resume. Advisers have worked at companies like PayPal, eBay, Apple and JPMorgan. One word can sum up this team: solid. I can see the project becoming successful, if only by the merit of it’s members.
SyncFab Press Coverage
Social media and press coverage of this project is no less impressive. SyncFab is partnered by many big names, including Berkeley University and Stanford University. As mentioned earlier, the White House itself has ties with this project, too. It earned a 97% score in the Aingel blog ICO scoring series. The scoring is based on a Monte Carlo wrapped machine learning algorithm developed at New Your University, where more than 6,000 startup founders were analyzed.
On Facebook, they have high engagement, as the post about token launch was given reactions by 3,5 thousand people. The page has almost 5k likes, quite good for an ICO, which usually averages at 1-2k. Their Twitter enjoys a good number of retweets and likes, in the 50-100 range on average per post, with the follower count at almost 5 thousand, like the Facebook page. The community seems to be in high spirits about SyncFab.
The Final Verdict on SyncFab
Personally, I’m not knowledgeable about the manufacturing industry. This project, to fully comprehend, would need some real-life experience and understanding of the problems presented, beyond what’s included in the whitepaper. Perhaps this is why the hard cap is a mere 60k ETH; other projects estimate to have much greater interest. Definitely, it’s not for the layman. From a purely financial standpoint though, as a potential investor, I can see this project worth investing in, especially with these recommendations from the White House and University of Berkeley. It touches upon an issue that many want to become resolved.