The syncfab ICO ends on the 15th of March, with 10 days still remaining their website is already showing that they’ve managed to raised over 15,000 ETH.
What is Syncfab?
They’re launching a new decentralized, blockchain cryptocurrency which is targeting a very specific part of the market. In fact, it is tackling an issue that most people actually overlook at various times and yet it is something that is costing them money. This issue is in the difficulty of trying to deal directly with manufacturers since there is usually a middleman involved who then increases the price. So, this project is looking at getting around that by creating a digital currency and blockchain application that removes that third-party.
The Basics of Syncfab.
By focusing on hardware manufacturers and linking them with buyers via the blockchain, the team behind this project are hoping to simplify the entire process of sourcing and purchasing different parts. The way in which it works is simple to understand. A buyer places their requirement on the platform for a specific part and their request is then matched up with a manufacturer who can fulfil that particular request; it is as simple as that. Also, it provides a manufacturer with greater control over their costs and the price at which they can sell at thanks to them eliminating that third-party.
Of course, this approach of linking people together in this manner is not new. However, it is who it is linking together that is making this cryptocurrency stand out from the others in existence.
The Technical Aspect of Syncfab.
The entire platform, and digital currency, is built on the Ethereum network. Immediately, that provides you with a certain sense of security and stability as well as making it easier for the entire blockchain to be scaled up without encountering too many issues.
Payment is going to be guaranteed via the use of Smart Contracts on the network with the Syncfab token being used as the currency to place the order quote followed by orders as well further down the line. Also, the token can be used as an incentive for manufacturers to provide quotes in as short a period of time as possible to encourage faster adoption of the platform and to increase the possibility of expansion for Syncfab.
The blockchain is unable to be altered along with complete transparency alongside proofs of both the integrity of both parties as well as their ability to access the relevant tokens. By taking this approach, it allows both parties to see that the other is true to their word with it then being set in digital stone as soon as it is placed on the blockchain.
For this, the buyer places their request onto the blockchain. Manufacturers that are able to deal with that request place their quotes onto the blockchain. The buyer can then create contracts between different manufacturers for varying amounts depending on their own individual requirements. This is achieved via the Smart Manufacturing Blockchain as well as adopting the Smart Contract Protocol whereby the request is then matched by the data that appears on the database to link both parties as quickly as possible.
The Advantages of Using Syncfab.
What becomes clear rather quickly is that there are a series of advantages for using Syncfab for anybody that is looking at either linking up with new buyers or searching for that key manufacturer. By dealing directly with one another, it means that less time is wasted in dealing with that middleman who also then increases the risk of something going wrong and one side of the deal being rather disappointed.
Also, there is the speed aspect. The transaction on the blockchain is almost instantaneous and due to dealing directly with the manufacturer, it makes it easier to place an order, track the order, place a repeat order, and to also simply receive high-quality quotes.
The Financial Aspects of Syncfab and the ICO.
Upon its creation, it was announced that there would be a total of 300,000,000 tokens available for the ICO while there will be a total of 1,000,000,000 created for trading purposes. The price in the ICO was also set at 1ETH equating to 5,000MFG, which is the ERC20 token linked to Syncfab.
Furthermore, there is a soft cap for the ICO of 5,000ETH (already reached) and a hard cap of 33,000ETH. Also, they do include the normal ICO related bonuses with a number of tokens being split for business development, marketing, and continued development of the platform and software associated with it.
Conclusion About Syncfab and the ICO.
Syncfab certainly has a good idea for their digital currency, and it is certainly one that could pay dividends and allow them to grab a substantial share of a rather specific market. The advantages of taking this approach are clear for all to see and it should not be too difficult to get a number of manufacturers on their side due to the fact that it does save them money while being able to increase their profit margins.
The manufacturing market is clearly huge but there has always been that concern about losing money and profit margins being squeezed due to the need to use a third-party. By removing that need it allows greater control over the prices and quotes meaning both sides are going to benefit greatly as the buyer receives a lower price and the manufacturer is able to increase their profit while still keeping prices low.
Also, being on the Ethereum platform should provide a manufacturer with a greater sense of security thanks to the various anti-fraud aspects that are built into the platform. This would have clearly been a major concern, so to counteract that in this way does make life that bit easier.
There is little doubt that as long as Syncfab can get manufacturers onto their network that this is a token that could grow and develop in a relatively short period of time. There are a substantial number of tokens available for investors and there is every reason to believe that the price can grow making a clear profit even in the not too distant future. For that very reason, the ICO for Syncfab is certainly worth thinking about for even a relatively small investor.
Check out further details on their website and whitepaper: