Despite major growth across the cryptocurrency industry, some key problems have remained unaddressed. The theft of cryptocurrencies is still a very lucrative venture after so many years. Kairos wants to end this problem once and for all by introducing facial recognition software.
Kairos Has Big Plans for Cryptocurrency
Any company looking to make cryptocurrency a safer industry needs to be applauded for its efforts. In the case of Kairos, the company is looking to thwart cryptocurrency theft once and for all. It is a major undertaking, as so many platforms and users have suffered from theft over the years. Even this year, there have been numerous incidents of cryptocurrency theft, most of which have involved exchange platforms.
Avoiding all of those problems requires a very different mindset and approach. More specifically, users need to take more control of their funds, instead of relying on centralized platforms to do the job for them. It is uncanny how many users rely on online wallets and exchanges to store their cryptocurrency portfolios on their behalf. This is despite the growing number of mobile, desktop, and hardware wallet solutions which have come to market.
Kairos is a company specializing in facial recognition technology. The firm has been working on rolling out its Kairos Protocol, which combines biometric verification with cryptocurrency transactions. This approach helps verify the identity of a cryptocurrency wallet’s owner and prevents theft in the process. It’s an ambitious goal, although it is not entirely unfeasible.
There is another interesting aspect of the Kairos Protocol which could be of great value to exchanges and wallet providers. The system offers a verification process linked to users’ accounts. Clients can authenticate their identities through a voice imprint, fingerprint, or iris scan. It is also possible to integrate this technology as a new form of KYC process, which will undoubtedly be of interest to a lot of people.
Kairos’ founder and CEO, Brian Brackeen, explains:
This is a very similar situation where if someone is selling a high value, like a million Ether to you or something like that, or even 1,000 Ether. There’s so many hacks, so many middleman attacks, and so many people getting faked out by wild addresses and so many billions of crypto stolen every year. That’s a clear and well-defined problem that, independent of the way the system works, exists.”
This protocol will be open-sourced in the future. Users can remain anonymous while authenticating their identity, which is another important selling point. Some companies have already begun integrating the Kairos Protocol. Despite being in the alpha stage, it has a lot of merit for companies that want to take customer security seriously and avoid theft.