Portugal, a country once famed for its seafaring explorers, is once again capturing the world’s attention for navigating new territories. This time, it’s blazing a trail across the field of blockchain technology.
Lisbon has recently claimed the spotlight as the most important hub for crypto globally, outshining cities like Zurich, New York, Berlin, and Singapore. As revealed in the CV VC Portugal Report 2023, Lisbon is becoming established as the nucleus of a thriving blockchain ecosystem.
In this article, our focus is on the rising star in this scene—the Internet Computer Protocol (ICP)—and its role in shaping Portugal’s blockchain landscape.
Overview of Portugal’s Blockchain Ecosystem
The past four years have brought about a 50% decline in the total amount of global venture funding for blockchain technology. However, Europe’s piece of this pie has grown to 17%, a significant jump from 10% in 2018.
Within the same time cycle, Portugal has raised $295 million in venture deals. This accounts for 0.46% of the total blockchain venture investment in Europe and 0.3% of the global tally.
Between Q3 ‘22 and Q3 ’23, Portugal secured $106.3 million in blockchain venture funding. This represents a 221% funding increase over the last four quarters. Despite a global slump in crypto venture funding, the average deal size in Portugal witnessed a whopping 543% year-on-year increase.
From blockchain networks to decentralised finance, and from gaming and metaverse applications to crypto exchanges, there is no shortage of Web3 innovation taking root all across Portugal. These statistics tell the tale of an economy primed to embrace, leverage, and dominate the industrial sector of decentralised technologies.
It is against this backdrop that the Internet Computer Protocol emerges as a key player, poised to be a driving force behind the growth of Portugal’s blockchain economy.
The World Computer: Redefining the Internet
ICP’s foundation is built on a mission to reshape the internet itself via a decentralised alternative to traditional legacy IT systems. Cloud 3.0 infrastructure powers the creation and consumption of data-powered experiences via a serverless network—the World Computer.
Now, this idea sounds really good in theory, but you’re probably wondering how ICP has fared in the real world. The World Computer presents developers and entrepreneurs with new possibilities. Now, it’s easier than ever to build technology with tangible impact.
The World Computer is faster, cheaper, and more autonomous than Web 2.0 systems. On top of its infinite scalability, ICP is also truly decentralised. This characterization goes beyond the surface level implementation of the World Computer’s network.
Unlike other blockchains that stack decentralised application systems on top of legacy IT infrastructures, such as centralised servers, ICP features full-stack decentralisation. This is shaping up to be a bold paradigm shift in the general perception of Web 3.0 technology.
From Switzerland to Italy, ICP is gaining the interest of government and enterprise stakeholders. However, like every other emerging technology, it isn’t devoid of growing pains.
Challenges and Future Prospects
The challenge of widespread adoption looms large for all blockchain technologies, ICP included. Even as more people begin to explore the new frontier of the internet, the World Computer stands in a league of its own.
While it signifies promise, this also means ICP is unfamiliar to most users and developers alike. Yet, ICP views this not as a roadblock but as an opportunity. With its eyes on global integration, ICP is investing heavily in building a global community. It recognizes that a blockchain is only as strong as the community supporting it. Hence, its focus on actively engaging the Web3 community across the world.
ICP maintains a collaborative relationship with over 50 reputable crypto organisations. It has evolved into a global presence spanning five continents and 30 countries. But perhaps the biggest catalyst for community growth are its international hubs.
ICP.Hubs are initiatives geared toward driving adoption of the World Computer. They facilitate education through a healthy blend of workshops and education programs. Furthermore, they actively drive meaningful engagement with government officials and policymakers.
ICP.Hubs provide a conduit for sharing the unique challenges and needs of each region. By intimately understanding these nuances and addressing them accordingly, ICP plans to unlock global adoption of the World Computer. So far, ICP has established 19 international hubs across 30 countries.
One of the most recent cities to launch an ICP.Hub is none other than Lisbon, the capital city of Portugal. It’s a clear step towards fostering an environment that promises not only growth and awareness but also increased involvement in Portugal’s ICP community.
As Dominic Williams, the founder of Dfinity Foundation, correctly put it: Portugal is growing into a crypto powerhouse, and ICP is set on building its presence alongside it.
Conclusion
The future of Web3 in Portugal continues to shine bright. Portugal’s blockchain industry shows unmistakable signs of growth. And ICP stands at the centre, ready to leave a lasting imprint on the nation’s technological landscape.
The practical usability of ICP’s World Computer paves the way for exciting new applications of full-stack decentralised infrastructure. With the strategic establishment of the ICP.Hub Portugal, a commitment to nurturing a vibrant ICP community in Portugal has been reinforced.