Each property offered through TREP is tokenized by first acquiring it through a Special Purpose Vehicle (SPV) such as a Limited Liability Company (LLC). The membership interests of the LLC representing 100% of the equity in the property will be divided into $1 units and entered into blockchain using smart contracts on the Ethereum (ERC-3643) platform. These units are also called “Tokens” and ownership of a specific number of tokens provides individuals their corresponding prorated ownership interest in the property. In short, 100% of the tokens represent 100% equity ownership of the property held by the LLC.