Kairo Develops Biometric Verification for Anti-Crypto-Theft
The technology to prevent crypto theft has perhaps arrived with Kairos, facial recognition running on Artificial Intelligence algorithms.
In a first of kind exploration in the sphere of virtual currencies and decentralized databases, Kairos launched the alpha version of its latest protocol for verifying users. The protocol is based on biometrics and ideal for preventing crypto theft from wallets.
The guiding principle of this protocol is that crypto wallet is associated with owner fingerprints or voice or iris or face. These metrics then ensure crypto is accessed by rightful owner only. And this protocol will not be limited for use with coins only. This method of verification of user will be an additional layer on protocols such as Know Your Client during ICO security sales.
This method of verification was recently validated by Kairos when it linked the sale of its own ICO equity with biometrics. The blockchain platform despite being ideal for registering transactions has not been able to prevent crypto owners from being robbed of their coins.
Industry analysts have pointed out that over 375 ICOs which were released between 2015 and 2017 have been stolen by hackers to the value of $400 million.
Other analysts also share evidence that the number of people who lost their crypto assets in 2017 numbered over 30,000. These were found to have been robbed by the simple process of phishing, with the average loss of about $7,500.
The arrival of cryptocurrency and the associated crimes have seen the industry players in the security spectrum offer a range of solutions to manage such crime effectively. These include Metacart, a new age solution for it is a bot which helps in identification of scams during ICOs on apps such as Telegram as well as Slack.
Verified and legalized
Kairos Protocol is all set to become the default US Postal service standard. The CEO of Kairos Brain Brackeen, who is also the brain behind the verification protocol claims that the solution platform his company offers will be similar to the experience with package delivery that arrives all certified by USPS.
Brackeen claims, “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.”
The industry expert also points out the major issues for cryptocurrency growth is that there are so many hacks, manipulation by middlemen and use of anonymous addresses that many of the generated crypto coins are stolen at regular intervals. Thus, for virtual currencies, the bottom line is that crimes do exist.
Though Kairos Protocol is an alpha version, it is being tested by several platforms. The first of those using the protocol including is Securitize, a security token distributor. A host of other businesses which are involved in high-risk security are also part of the network of services, according to Brackeen’s research.
The validation protocol is available on the open source platform, and transactions can be verified in terms of the identity of the individual and in terms of the specific wallet, which would otherwise have been anonymous.