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?
The EOS native tokens will be available on the EOS network, by whomever launches the chain, once it is live. Which is expected to be sometime after the ERC20 tokens are frozen.
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which in turn means that EOS will not go live until about 1 year from now. I did think i heard Dan say he wants to launch sometime later this year?
Was he referring to a test net of am i mistaken?
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Yes
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Ya it's a bit tricky for me to understand.. but I'm quite sure that the EOS network will not be live until the one year coin sale completes. And I have to clue about the non-transferable part. Maybe you can't trade them, only redeem them after that point? And then it all starts going through the EOS chain.. I'm the worst person to try to answer this and I shouldn't have tried, sorry haha. But have a good day, hope someone more knowledgeable than I comes and clears this up soon. I also want to see their answer!
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Great questions! Maybe @dantheman will drop by and answer.
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What do u think would be the best way to get him aware of these?
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Are you on the Telegram Chat? That would be a great place to ask him. EOS.io/chat
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I don't Use chats too much, as they ar time consuming, but I think this may be a good idea.
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Thanks. I have obtained some great info there.
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Do you know what will happen when EOS launches in the summer? Has anything been said about how the EOS platform tokens will be allocated to replace the ERC20 Tokens?
After registering your wallet with the EOS contribution.
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From what I can tell on their website https://eos.io/, the blockchain goes live in September.
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But how if the genesis block requires the ICO token to be complete.
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I'll come clean, I'm a complete NOOB so I actually have no clue :/
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thats totally fair, obviously it is not all that straight forward, else we would not have such questions.
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According to the EOS purchase Agreement, these EOS tokens are NOT EOS platform tokens, and have no use or value whatsoever
https://eos.io/purchaseagreement/EOS%20Token%20Purchase%20Agreement%20-%20June%2022,%202017.pdf
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little late to the party. Yes the EOS ERC20 tokens will have no value, but once you register your account via the info on the EOS website with your etherwallet. They will allocate you the EOS platform tokens. Now I'm just wondering how that will work? Thoughts?
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Thank you @knircky for your professional opinion! I resteemed. Have a nice day!
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Thank you. You have a new follower and a few upvoted.
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You've been so awesome supporting me Phil, I keep waiting for you to put up a post to return the favor. I missed this one, it somehow camoflauged into your resteems. So at least I can vote on this! Thanks again, and I hope you'll go to one of the NY meetups in the future so we can meet again :)
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Very useful information!
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nice ))
i will follow you and i hope you will follow me : )
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