ERC827 is the most recent examples of token principles and progressions from ERC20 on the Ethereum network. ERC827 aims to improve the workings of ERC20 tokens with its execution in exchanges and endorsement. This means that ERC827 will be able to transfer both value and data thanks to this new standard, and the tokens can be spent by on-chain third parties.
Decentralized Application
A decentralized application (dapp, dApp, DAPP or DApp) is an application that runs on a decentralized network. Dapps are not deployed by a single individual or company, but instead run on a peer-to-peer network such as Ethereum.The main difference between dapps and standard apps is in the way back-end servers operate. While standard apps have their servers use programming languages like Node, Django or Rails, dapps utilize blockchain technology for that. This removes the need for hosting services and gives much more power and influence to users
Smart Contract
A smart contract, also known as a cryptocontract, is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions. ... These contracts are stored on blockchain technology, a decentralized ledger that also underpins bitcoin and other cryptocurrencies.
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ERC20 Token Standard
ERC20 was proposed in 2015 and officially formalized in September 2017