Disclosure is not legibility
Disclosure means the information exists. Legibility means an ordinary participant can realistically understand what it implies about power.
Most institutions are, in a narrow legal sense, already transparent. Their constitutions are public, their cap tables filed, their operating agreements available on request, their bylaws posted somewhere on a website. Almost no one reads any of it. Almost no one could read it usefully even if they did — the documents are long, jargonized, internally cross-referenced, and written for lawyers reviewing other lawyers' work.
We treat this gap — between what is technically disclosed and what is actually understandable — as the central failure of modern institutional life. Disclosure rewards the institution; legibility rewards the participant. A platform that aspires to register institutions honestly must measure itself against the second standard, not the first.
Concretely: a 60-page operating agreement uploaded as a PDF satisfies disclosure. A one-screen structured summary that lets a pledger correctly answer 'who can override the vote I just cast?' satisfies legibility. Only one of these is evidence that the institution can be held to its own rules.
