You allocate against thesis.

You are not buying access. You are joining a cohort.

Cohort membership is your equity in Semios. Value accrues through what the cohort generates inside the substrate. The substrate measures it. The cohort denominates it. Your place is the primitive.

This is different from the venture you know. The substrate is the registry. The cohort is the governing body. Your record is the proof. There is no cap table outside this surface, because this surface is the cap table.

Your sponsor brings you to a cohort. You sign the membership terms with them. The cohort governs how value is denominated and how departure is accounted for. The substrate enforces what the cohort ratifies.

You bring your thesis, your discipline, and your work. The cohort holds them. The substrate records them. Value derived is yours by construction. How you characterize that value for your jurisdiction is yours to determine.