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RE: EOS - Should Steemit.inc take a position on all our behalf?

in #steemit7 years ago

Could someone explain this bit of the Terms and conditions for me...


(7.9. EOS Tokens Will Become Non-Transferable.
Buyer acknowledges and understands
that EOS Tokens will become non-transferrable within forty-eight (48) hours after the
end of the EOS Distribution Period.
At this time, Buyer will no longer be able to map
a public key to Buyer’s account and Buyer will not be able to transfer EOS Tokens on
the Ethereum blockchain.
Some cryptocurrency exchanges may on their own accord
enable EOS Tokens to continue trading, but the exchanges will be unable to accept new
deposits or authorise withdrawals of EOS Tokens.)

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I took it to mean that the ERC20 contract token will stop being transferable. At some point the the EOS network will go live and after that the EOS distribution will map to the ERC20 token. That's what I thought, hopefully someone will correct me if I'm wrong.