Questions about the ERC-20 EOS tokens
I'm getting ready to contribute to EOS but the following tweet somehow confused me:
We're proud to announce EOS trading will commence on Saturday, July 1st. Stay tuned for launch time. https://t.co/GnUDO7429I
Bitfinex.com (@bitfinex) 25 Ιουνίου 2017
For all I can tell ERC-20 tokens will act as an IOU for the actual EOS tokens on the actual EOS blockchain that will be launched sometime down the road.
What confused me is that I thought that the smart contract handling the contributions will create a snapshot that will be then be transfered to the EOS blockchain. Instead it seems that the ERC-20 tokens are transferable.
Two questions:
- If I contribute from an Ethereum address the EOS smart contract will give me back ERC-20 tokens on the same ETH address that I contributed from? And then I will be able to transfer them around as if it were ethers?
- If the ERC-20 tokens start floating around when is the snapshot that going to be used for the EOS genesis block is going to be taken?
PS. Sorry if my questions are naive but although I use ethereum, this is my first time with ERC-20 tokens.