We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep 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 users and built on a new blockchain.
Theta Labs is the organization behind the Theta Network — a fast, green blockchain designed from the bottom up for media and entertainment. In 2019, Mitch launched Theta.tv, a decentralized livestreaming platform that makes use of tokenized bandwidth-sharing to make video content delivery faster and cheaper than mainstream alternatives. Most recently, Mitch and his team launched ThetaDrop, an NFT marketplace powered by the Theta Network.
Mitch has been an investor and entrepreneur in the tech space since 2007. He received a BS in computer science engineering from MIT, conducted research at MIT Media Lab’s “Interactive Cinema” group and received an MBA from the Stanford Graduate School of Business.
1 — What has been the toughest challenge you’ve faced in our industry so far?
I think convincing stakeholders in legacy industries that blockchain and Web3 technologies have a place in their industry’s future. Understandably, this wasn’t as hard with the tech folks — new technologies and new ideas are kind of their bread and butter. But you’d be surprised at how even people in those spaces can be wedded to an older way of doing things. It’s hard to totally reimagine your industry. I don’t blame anyone for that.
In media and entertainment, it has been a little more difficult. The transition from television, radio and Web1 to social media and Web2 seemed pretty intuitive. We’re traveling from a one-directional kind of media to a shared, more collaborative model. Web3 and distributed ledger technology are the same but turbocharged, and a little harder to wrap your head around. But we’ve started to see a shift in the attitudes of media companies. Once people realize…