SyncFab (MFG) is an ERC20 cryptocurrency token issued by Smart MFG Tech for use in supply chain and manufacturing smart contracts. MFG can be used to incentivize RFQs, secure and pay for smart contract POs (Purchase Orders) along with supply chain tokenization on the manufacturing blockchain.
SyncFab claims to be ‘the pioneer and creator of the smart manufacturing blockchain process architecture protocol’ (patent pending). SyncFab is also a digital manufacturing platform that enables hardware supply chain buyers to transact POs (purchase orders) and source RFQs (requests for quotes) directly from a network of manufacturers (launched in 2013).
Precision manufacturing certifications for every industry
ISO 9001 – International standard for a quality management system for all industries.
Aerospace & Defense
AS9100 – Standardized quality management system for the aerospace industry.
ISO/TS16949 – Quality management system requirements for automotive production.
MIL-PRF-31032 – Quality performance specifications for printed circuit board/printed wiring board.
ITAR – International Traffic in Arms Regulations run by different departments of the US Government.
ISO 13485 – Quality management system requirements for medical devices.
MFG Token Rewards System SyncFab
With the official MFG Wallet integration completed and testing of RFQs underway, testing of rewards have begun. Currently only select suppliers on our platform are being rewarded MFG for submitting quotes on new orders. As explained previously, the tokens will incentivize suppliers to participate in RFQs and give their best quotes quicker.
Since getting the job is the greatest reward a supplier can get, the majority of the MFG tokens attached to the RFQ will go to the losing bidders as a form of consolation prize. The distribution of the tokens varies per case (depending on the number of bidders), but as a general rule, the majority gets evenly distributed to the losing bidders (~80%), the winner gets a small portion (~10%) and the rest goes to the loyalty pool (10%).
MFG Official Wallet Update
The Official MFG wallet integration into the platform has been completed and is being tested. The feature has been released to a select users and will be rolled out gradually to more customers over the coming weeks. This is the first step towards phasing out our older Ambisafe MFG wallet, which was used for token distribution and increasing MFG token utilization within the SyncFab platform.
Tips for securely storing your SyncFab
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.