“EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018 at 22:59:59 UTC. At this point the EOS Token distribution process will be complete and any person who wishes to launch an EOS Platform adopting the EOS.IO1 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.
The EOS.IO1 Software is built such that any EOS Platform that adopts the EOS.IO1 Software will require approval of holders of not less than 15% of the total issued and outstanding EOS Tokens before tokens on such blockchain (the “Blockchain Tokens”) can be transferred. In other words, if the EOS.IO1 Software is adopted, it will be the responsibility of holders holding at least 15% of the issued and outstanding EOS Tokens to adopt one or more blockchains in order for Blockchain Tokens received on such blockchains to be transferrable.”
Perhaps some programmers out there can explain JSON file mapping. My take is that you holders of ERC20 tokens can redeem for native EOS tokens. It doesn’t go into detail how this is done. I do have some reservations as to how this is rolled out. Additionally, the EOS team has emphasized repeatedly that the EOS ICO distribution excludes USA citizens. Would this affect US holders of the ERC20 token from redemption? If a US citizen holds non-transferrable ERC20 tokens and cannot redeem, then they become worthless. I don’t know the answer to this, but would welcome comments.
My concerns above have no bearing as to the enormous potential of EOS as a platform. I think it will be amazingly successful and I want to be vested through token ownership. But questions remain.
On another note, I expect that ERC20 token prices to fluctuate in the short term, and have not insight as to the recent 150% run up. But the run up summer of 2018 prior to the end of token distribution may be huge. So accumulate now!
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