Details on the lock-up period for BetaNet nodes
The lock up for ERC-1404 xx tokens is at least 1 year from the receipt of your tokens. So, if you receive your tokens July 1, the lockup will be one year from that date. We subsequently expect to be able to unlock all the tokens when they transfer to the MainNet, subject to any legal requirements. So, if MainNet occurs in March, your tokens would transition to xx coins at that point and, assuming no other legal restrictions, you would be able to freely transact and use the xx coins.
The removal of transfer restrictions will be determined based off of the requirements of applicable local law (if any) and what we might need to do to keep both you and the Company safe from a security and legal perspective. However we do not presently anticipate lockups in excess of a year in many places. Although our hope is that you will receive and be able to fully transfer and transact your coins you receive at MainNet launch, it is possible that you may be subject to additional restrictions based on your local law, or the law in your country may change in the interim, requiring us to take additional steps before removing your transfer restrictions.
For those who choose the MainNet coins, it is also the hope that you will be able to freely transact in and use coins upon receipt. However, for some network participants, you may have additional transfer restrictions based on the 1 year period since the date that you vested in your coins, which will vary based on each individual’s vesting date (if any).
This document contains forward looking statements, including among other things, statements concerning the distribution of xx coins, and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, market risks and uncertainties and the satisfaction of losing conditions for a distribution of xx coins. Forward-looking statements speak only as of the date hereof, and, except as required by law, xx network SEZC undertakes no obligation to update or revise these forward-looking statements.