SyncFab has announced the launch of its new MFG wallet today. The 3rd iteration of the wallet will support SyncFab’s newly created MFGPRT token, which is an NFT ERC721 token.
While ERC20 tokens are simply contract interfaces with very basic commands that revolve primarily around the reporting of token balances and approving transfers, NFTs (non-fungible tokens) are unique and not interchangeable. Since ERC721 tokens are non-fungible and more advanced in command sets, they cannot be traded for a like-kind token like ERC20 tokens – each one of ERC721s is completely and entirely unique.
That is why ERC721 NFT tokens are a perfect fit for authentication and ownership applications. They can serve as the basis for hardware parts tokenization, enabling enterprises to mitigate product recalls, improve traceability and prevent fraud. By supporting the new ERC721 format, companies will be able to see their ERC20 and ERC721 tokens in the same wallet, alongside each other.
Hardware Buyers will now be able to purchase MFG directly using their MFG Wallet more seamlessly via Credit Card, ACH or Bank Transfer with our Stripe and Plaid integrations. This will allow purchase managers and procurement departments to more easily acquire and utilize MFG for the tokenization of precision parts or as rewards for their associated RFQs. This allows for a smoother workflow for the professional service user experience in the acquisition and application of MFG to continue to enhance enterprise utility and help foster greater corporate adoption. Procurement departments will no longer face the impediment of their own corporate firewalls which can block navigation to unapproved external websites or exchange transactions in compliance with evolving corporate cybersecurity policies.
In the newly upgraded MFG Wallet manufacturing buyers will be able to:
- Upgrade their wallet to a Smart Contract Wallet that writes transactions over the Ethereum Blockchain
- Deposit MFG ERC20 tokens from any 3rd party wallet (MetaMask, MEW, etc.) into their SyncFab MFG wallet
- Send MFG ERC20 tokens from their SyncFab wallet to any 3rd party wallet (MetaMask, MEW, etc.)
- Deposit MFG ERC20 tokens from any other SyncFab company MFG wallet
- Send MFG ERC20 tokens to any other SyncFab company MFG wallet
- Purchase MFGPRT ERC721 tokens with MFG ERC20 tokens
- Deposit MFGPRT tokens from another SyncFab company MFG wallet
- Send MFGPRT tokens to another SyncFab company MFG wallet or external wallet
Now manufacturing procurement buyers and agents will be able to better manage their MFG tokens used towards the tokenization of their manufactured parts and as rewards for their associated RFQs. Buyers and procurement departments using the SyncFab Manufacturing Blockchain architecture enabled platform can receive parts up to 4 weeks faster with savings as high as 25–50% over their existing supply chain sourcing activities. To get started, visit the SyncFab Manufacturing Platform and register to submit your RFQ quote request.
SyncFab is a distributed manufacturing platform founded and headquartered near Silicon Valley that streamlines the way OEM hardware supply chain buyers procure, manage, and track precision parts production securely using blockchain technology. Learn more about how SyncFab benefits manufacturers.
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