KR1 PLC (AQSE:KR1) has splashed out on a litany of investments in the blockchain sector, with investee companies ranging from supercomputers to Internet of Things (IoT) communications.
The NEX-listed blockchain investment group said it had invested £593,000 for 191,681.85 Dfinity Network Tokens, part of the Dfinity Project. Dfinity is a project designed to be a blockchain supercomputer as part of enabling public decentralised networks to host a virtual computer of potentially unlimited capacity, whilst providing a secure, performant and flexible consensus mechanism.
WATCH: KR1 Plc adds to portfolio with four new investments in blockchain space
KR1 added that the Dfinity concept was similar to the blockchain-based Ethereum platform, but promised “vastly improved performance and, ultimately, unlimited capacity”.
The group also invested US$100,000 in the Flying Carpet Project, managed by Air Network Ltd. Air Network is an Ethereum based communication protocol for IoT devices such as drones and automated cars that allows video content created of the intended flight or route of the device that is then used to validate its actions through a tokenised ecosystem.
KR1 said the Flying Carpet Project will “bring together hardware owners who will connect their IoT devices to the Air Network, developers who will build software allowing these devices to perform tasks and lastly businesses who will use the Air Network application to access different services that require autonomous drones”.
Another US$50,000 was invested by KR1 in Connext Inc through a SAFE agreement (Simple Agreement for Future Equity) for a minimum equity stake of 1.25%.
Connext enables Ethereum projects to implement low cost, near-instant transactions for their users. Participants that set up a Connext Hub will be able to open a payment channel (state channel) with the Hub and transact with any other user who is also connected to the Hub. This will be possible without paying a network fee or needing to wait for block confirmation time. The firm said the ultimate goal was for Connext to become an open, developer-friendly, fully community-governed, network for handling two-party transactions of any sort.
Rounding off the list was a £50,000 investment for a 10% stake in Blocksmith Ltd, a product of digital product studio Whitesmith, which aims to be a blockchain system development agency. KR1 added that it had also been granted an option period of 12 months to acquire an additional 5% of Blocksmith for £100,000.