We ask the buidlers within the blockchain and cryptocurrency sector for their ideas on the business… and throw in a number of random zingers to maintain them on their toes!
This week, our 6 Questions go to Mitch Liu, co-founder and CEO of Theta Labs — a decentralized video streaming platform powered by customers and constructed on a brand new blockchain.
Theta Labs is the group behind the Theta Community — a quick, inexperienced blockchain designed from the underside up for media and leisure. In 2019, Mitch launched Theta.television, a decentralized livestreaming platform that makes use of tokenized bandwidth-sharing to make video content material supply sooner and cheaper than mainstream alternate options. Most lately, Mitch and his group launched ThetaDrop, an NFT market powered by the Theta Community.
Mitch has been an investor and entrepreneur within the tech area since 2007. He acquired a BS in laptop science engineering from MIT, performed analysis at MIT Media Lab’s “Interactive Cinema” group and acquired an MBA from the Stanford Graduate Faculty of Enterprise.
1 — What has been the hardest problem you’ve confronted in our business to date?(*6*)
I believe convincing stakeholders in legacy industries that blockchain and Web3 applied sciences have a spot of their business’s future. Understandably, this wasn’t as onerous with the tech people — new applied sciences and new concepts are sort of their bread and butter. However you’d be stunned at how even folks in these areas could be wedded to an older means of doing issues. It’s onerous to completely reimagine your business. I don’t blame anybody for that.
In media and leisure, it has been slightly tougher. The transition from tv, radio and Web1 to social media and Web2 appeared fairly intuitive. We’re touring from a one-directional sort of media to a shared, extra collaborative mannequin. Web3 and distributed ledger know-how are the identical however turbocharged, and slightly more durable to wrap your head round. However we’ve began to see a shift within the attitudes of media firms. As soon as folks understand how, for instance, sharing laptop energy and bandwidth to scale back value and power consumption in video streaming works, the idea clicks for them fairly shortly. Sooner or later, Web3 will appear simply as intuitive because the TV. I actually imagine that.
2 — What does decentralization imply to you, and why is it necessary?(*6*)
To me, decentralization means taking again management and sharing energy with the folks and the broader group. Over the past couple of many years, we’ve got sleepwalked into an web — a society even — that has positioned far an excessive amount of energy within the fingers of too few folks and organizations. Tech giants like Fb (or Meta) are beginning to understand that, they usually’re now attempting to innovate and alter their narrative to persuade customers that they’re nonetheless valued.
3 — Once you inform folks you’re within the blockchain business, how do they react?(*6*)
I’m fairly fortunate. Most of my contemporaries are accustomed to what I do and react very well to our work within the blockchain area. I even have a neater reply I can use if I need as a result of, in so many respects, Theta is within the enterprise of media and leisure, and it’s simpler to know. Blockchain is simply the know-how that permits us so as to add new worth to the media business, not essentially changing all the business.
4 — Which two superpowers would you most need to have, and the way would you mix them for good… or evil?(*6*)
I must decide one for sensible causes and one for enjoyable. As a lot as I prefer to sleep, it may be such an inconvenience when you’ve so many plans. I’d love to have the ability to spend extra time on Theta. We have now so many thrilling tasks within the works, and as an alternative of spending my nights with my head on the pillow, it might be nice to show that into productive time — I’d haven’t any distractions!
My second superpower must be the flexibility to fly. Certain, it has a sensible transportation factor (is that dishonest?), however it might even be the best adrenaline rush.
5 — When you didn’t want sleep, what would you do with the additional time?(*6*)
I’d prefer to spend as a lot time as potential with my family and friends. Life is simply too brief, and it’s solely after a tough week at your desk that you just understand how little time there may be for the nice issues in life. To calm down and unwind with the folks you’re keen on is one of life’s blessings, and I’d like to spend extra high quality time doing it.
6 — What ought to we be educating our youngsters?(*6*)
Issues are nearly by no means as onerous as they first look like.
Until you’re blessed with unnatural confidence, taking up a brand new problem is at all times troublesome. However I’ve misplaced monitor of all of the instances in my life when a job appeared unattainable but I ended up both doing higher than anticipated or studying from the expertise. And this has nothing to do with my pure capability at any given factor. From what I can see, that is common. Attempt your finest, and it is going to be infinitely simpler the subsequent time.
A want for the younger, formidable blockchain group:
I wish to want them the very best of luck on this area… and inform them to maintain on innovating! It’s them who will lead us to world adoption. We’ll get there… it’s nearly when.