Portugal’s Blockchain Renaissance: Internet Computer Protocol Leading the Charge Nov 24, 2023 Nov 24, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 24, 2023 by Kelly Cromley

Portugal’s Blockchain Renaissance: Internet Computer Protocol Leading the Charge

Portugal, once renowned for its maritime explorations, has again grabbed international attention, this time in the realm of blockchain technology. Lisbon, as highlighted in the CV VC Portugal Report 2023, has become the epicenter of a thriving blockchain ecosystem, surpassing global crypto hubs such as Zurich, New York, Berlin, and Singapore.

 

Europe’s Resilience in Blockchain Funding

 

Over the past four years, global venture funding for blockchain technology has seen a 50% decline. Nevertheless, Europe’s share has grown impressively from 10% in 2018 to 17%. In this context, Portugal has secured $295 million in venture deals, contributing 0.46% to Europe’s total blockchain venture investment and 0.3% globally.

 

Portugal’s Blockchain Surge

 

Between Q3 ’22 and Q3 ’23, Portugal experienced a remarkable surge in blockchain venture funding, reaching $106.3 million. This represents a substantial 221% increase over the last four quarters, defying the global downturn in crypto venture funding. Notably, the average deal size in Portugal witnessed a staggering 543% year-on-year increase during this period.

 

Web3 Innovation Thrives in Portugal

 

From blockchain networks to decentralized finance, gaming, metaverse applications, and crypto exchanges, Portugal is witnessing a proliferation of Web3 innovation. These statistics underscore an economy ready to embrace and dominate the decentralized technology sector.

 

ICP’s Pivotal Role in Portugal’s Blockchain Economy

 

Against this backdrop, the Internet Computer Protocol (ICP) emerges as a key player, poised to drive the growth of Portugal’s blockchain economy. ICP’s mission is to reshape the internet through a decentralized alternative to traditional IT systems, utilizing Cloud 3.0 infrastructure to power a serverless network—the World Computer.

 

ICP’s Impact on Web 3.0 Technology

 

ICP, faster, cheaper, and more autonomous than Web 2.0 systems, introduces full-stack decentralization, challenging the prevailing perception of Web 3.0 technology. Unlike other blockchains, ICP doesn’t stack decentralized applications on legacy IT infrastructures, opting for a comprehensive decentralized approach.

 

Global Engagement and Community Building

 

While ICP faces the challenge of widespread adoption, it views this as an opportunity. Recognizing the strength of a blockchain community, ICP actively engages with over 50 reputable crypto organizations globally. With 19 international hubs across 30 countries, ICP.Hubs play a pivotal role in fostering global adoption of the World Computer.

 

Lisbon’s Role in ICP Community Growth

 

Lisbon, the capital of Portugal, recently launched an ICP.Hub, reinforcing the commitment to nurture a vibrant ICP community. Dominic Williams, the founder of Dfinity Foundation, acknowledges Portugal’s ascent as a crypto powerhouse, with ICP strategically building its presence alongside this growth.

 

Bright Future for Web3 in Portugal

 

As Portugal’s blockchain industry exhibits unmistakable signs of growth, ICP stands at the forefront, ready to make a lasting impact on the nation’s technological landscape. The practical usability of ICP’s World Computer opens avenues for new applications in full-stack decentralized infrastructure, solidifying Portugal’s position in the global blockchain arena.

 

 

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.