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RE: BUYER BEWARE! DO NOT PURCHASE ANY EOS TOKENS UNTIL YOU READ THIS!!!!
Part of the confusion here is that the ICO is really distributing an ERC-20 "EOS" token on the Ethereum network, which is DIFFERENT from the actual tokens on the EOS network. These tokens will be exchanged, in a sense, for the actual EOS tokens. For example, when it says the tokens will not be tradeable after a certain date, it is talking about the ERC-20 EOS tokens on the ETH network, not the REAL EOS tokens, which do not even exist on the EOS network. This is one of the confusions of running the ICO on the ETH network, but it allows an auditable process.
But shouldn't the purchase agreement then mention that the ERC-20 tokens will give you the right to EOS tokens? I have only skimmed the terms so correct me if I'm wrong, but so far it seems like the ERC-20 tokens give you no rights at all.
Hey, sorry I can't be more help. I haven't read the terms in detail. The whole idea is that they are selling an ERC-20 "EOS" token on the Ethereum network, which is effectively just a placeholder. The distribution of those tokens will then be used to distribute the actual EOS tokens on the EOS network. That's why it is important to register your public key, because you will use a private key on the EOS network to claim the real EOS tokens. The placeholder tokens are basically useless, and trading will be frozen once the full ICO ends, so that the final state of token distributions on Ethereum can be used as a snapshot to generate the distribution of real tokens.
No because block.one won't perform that task, anyone can with our open source software.