What does democratization mean to Kendrick across the years?
The meaning shifted across a decade. The dispatch states: in 2016 'democratization' meant anyone could put $10 into a startup under Title III; by 2026 it meant mirror tokens and tokenized private equity [dispatches]. Republic launched in July 2016 with four startups under Reg CF [existence-graph].
By 2025, the same word covered pre-IPO Mirror Tokens and tokenized SpaceX exposure [research; Reddit demand]. The dispatch frames this as the definition 'bending' across ten years — same term, different products and access models.
A tension noted in the record: the SpaceX token moved from 'fifty dollars for anyone' (June 2025) to accredited-only rSPAX under Reg D (by September 2025) [dispatches], complicating the open-access framing of 'democratization.'