As the holiday season is underway, the SyncFab team is working harder than ever to integrate additional blockchain functionality to complement our existing web 2.0 platform. We’ve made a lot of progress since our last update and are excited to share with you where we’re at.

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. We will provide existing MFG wallet users a deadline when https://mfg.syncfab.com will no longer be active. MFG wallet users with MFG token balances will have to transfer their token to the new internal MFG wallet system or must remove their tokens to an external wallet.

MFG Official Wallet

Direct Token Purchasing Update

With the Official MFG Wallet completed, we have been able to conduct testing of token purchases with a select amount of users. The purchasing of these tokens have been incorporated initially as part of our RFQ submission process. MFG Tokens are used to submit new RFQ’s in addition to being distributed to our manufacturing suppliers bidding and our loyalty pool. The Loyalty Pool is an allocation of MFG Tokens that is to be used for future rewards and incentives for SyncFab users. Details on the loyalty pool will be included in a future update.

MFG Token Pricing through the platform*:

100 MFG tokens= $12

300 MFG tokens= $30.6 (15% discount)

500 MFG tokens= $42 (30% discount)

* Token pricing subject to change as we work through testing with industry partners.

MFG Token Purchasing through SyncFab’s Manufacturing Platform

MFG Token Rewards System Update

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%).

We’re excited to be rolling out these features and working closely with our manufacturing supplier partners to make the best possible experience for engineering and procurement teams. We can’t wait to share with you what’s around the corner, so stay tuned for sneak peaks and updates to come. To become part of our supplier network and be eligible to bid on manufacturing RFQs, Register Here.