I would like to clarify how the EOS tokens work.
If I understand the EOS website correctly, there will be two tokens: An ERC20 token that is used for the ICO that will then later determine who owns the initial token supply on the EOS platform.
The relevant quotes from the EOS FAQ (https://www.eos.io/faq.html):
- At the end of the 5 day period and at the end of each 23 hour period referred to above, the respective set number of EOS Tokens set forth above will be distributed pro rata amongst all authorized purchasers, based on the total ether (“ETH”) contributed during those periods, respectively, as follows....
- At the end of each period, you may claim any EOS Tokens allocated as an ERC-20 compatible token on the Ethereum blockchain
- EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 48 hours after the end of the final EOS Token distribution period
- At this point the EOS Token distribution process will be complete and any person who wishes to launch an EOS Platform adopting the EOS.IO Software will be able to generate a JSON file mapping EOS public keys to the fixed balances of the EOS Tokens from the state of the Ethereum blockchain
So it looks to me like:
- The ERC20 token will be available on the market for trading 5 days after the start of the ICO.
- The tokens will then be tradeable assuming some exchanges will offer them
- At the same time new tokens will be issued daily and will be available
- At the end of the ICO whichever address owns the ERC token will have access to the corresponding EOS tokens
Does this mean the EOS network will not start until after the crowdsale is over? And how can the ERC20 token become non-transferable?