I believe by address, yes, but Dan Conway should have more information explaining exactly how that works later. Obviously anyone could buy Expanse and vote with their expanse, but the initial reserve for the team will be publicly available with addresses. We will definitely be holding most and only selling small amounts as needed. The design is such that we believe we can increase the value over time for traders and miners, and of course for the team.
Well those funds will cover initial development costs at launch so I guess they will not frozen anyhow. It means that for many many months whole reserve will be FULLY controlled by core team.
If you want a community fund, release (hardcoded block reward & recipient) those funds a year (or even more) after genesis. Otherwise it will be 90%+ premine like many others. I have removed math from this post to do not create a FUD, however, current model looks really bad.