One of the major concepts that govern a large portion of the crypto-space, and which is especially relevant to smart contracts and smart property, is what is known as the ERC20 token standard.
“ERC20” refers to a scripting standard used within the Ethereum blockchain. This technical standard dictates a number of rules and actions that an Ethereum token or smart contract must follow and steps to be able to implement it. Smart contracts can then be used to create smart property or tokenized assets that people can invest in.
ERC stands for “Ethereum request for comment,” and the ERC20 standard was implemented in 2015. Plenty of well-known digital currencies use the ERC-20 standard, including Maker (MKR), Basic Attention Token (BAT), Augur (REP), and OMG Network (OMG).