Here you can explore answers to the most commonly asked questions about our company and our solutions. Be sure also to check out the pages below for further information. Also, feel free to contact us if you have any questions at [email protected]
Don't Ask Google.
About the Company
We are incorporated in London, UK, but, because of political reasons, we are planning to move our company to Zurich, Switzerland.
We are based internationally. We have team members across 3 continents – Northern America, Europe, and Asia.
However, most of our developers and engineers are based in Sofia, Bulgaria – currently heaven for innovational product building due to the highly qualified workforce, and low taxes.
Once we are fully funded, we are going to base our primary development operations in Bulgaria, while our business operations will be based in Switzerland (for the European Market), China (for the Asian Market), and San Francisco (for the US Market).
Up to this point, we have not accepted any funding offers, because we are currently building strong strategic partnerships, and preparing to launch our Pilot Programme for businesses that want to incorporate biometric authentication to save operational costs and time.
If we were to define the stage in VC-defined standard, we could say that we are in “Seed” stage with already established partnerships and clients signed.
Currently, we are not looking to raise any funding from outside investors. However, you can be added to our waiting list for investors, and we can contact you as soon as an opportunity comes up.
We are both b2b and b2c facing company.
We are selling enterprise solutions that combine our ecosystem benefits and biometric authentication to businesses. A good example of a client that would benefit greatly from our solutions is public transport. We create a tailored entrance, gating and ticketing systems using our technology to reduce costs, improve systems security and reduce waiting time.
Consumers are the driver of our ecosystem, even though creating an irisWallet is entirely free. We benefit primarily from financial services offered to users while providing them with a suite of tools and functionality at our enterprise partners. And let’s not forget the greatest benefit of all – providing consumers with a safe and easy way of identification and funds-keeping.
Some people find it confusing that we are named IRIS, but we actually use palm vein scanners for identification. Apple doesn’t sell apples either, however.
We are using vein scanning because it has proven to be the most secure biometric identification method at the moment. We are planning to evolve our technology and move along with innovation. Therefore, we didn’t want to be named after a technology that could go obsolete at some point in the future.
We chose “iris” because it symbolizes privacy, honesty, and security for ourselves. It sounds like something universal, something that could be implemented in every aspect of our lives.
So far, vein matching algorithms have been tested with up to 300,000 users in a single database, but this is just because there weren’t any more people to adopt and test the technology at the time.
Our proprietary vein matching algorithm is built in a combination with AI-based machine learning technology which improves with every new user signed, and with every new login attempt. It creates and summarizes vein entries into different groups and criteria, which helps it to find matches quicker, safer and more accurate.
Suffice to say, we have built the foundations of the algorithm, and now it just needs entries to become smarter and faster.
If we are speaking in the general use case for this technology, and a single user base (such as the one we are creating), our estimations are that the algorithm will be able to handle up to 20 million entries before it needs to have an additional identification method.
And up until the time we reach this number of users, we would have managed to improve and scale up our algorithm, or replace our vein scanning technology with an even better one – DNA matching for example! We are very excited about the future!
Vein scanning provides a 100% success rate in biometric identification systems in just under 1 second, even with large user bases.
It is adopted by multiple banking and government institutions as a method for 1:1 matching, while the solution we are creating is 1:n.
Vein scanners are completely harmless to your body and your skin. They use near-infrared light to make images of your vein patterns, and the liveliness sensor, which again uses near-infrared light, check for the presence of hemoglobin. Near-infrared light is absolutely harmless to your body.
Furthermore, the scanners we use are contactless, so you do not need to touch at all.
We have account recovery protocols in place to help you recover your irisWallet. Our customer support team will assist you in such case.
However, make no mistake that these protocols can make our ecosystem vulnerable to social engineering/hacking. We have additional protocols that require multiple verification and authentication steps to ensure maximum account protection.
Similar would be the case with an account of a deceased person. Their close ones would have to go through various verification steps in order to recover their irisWallet.
Of course! This is why we use blockchain. It allows us to store data and information that only are able to decrypt and see using your private key/personal biometric login.
Blockchain divides your information in small bits that are spread throughout the system across multiple devices, so they cannot be pieced together unless you have that specific account’s private key.
Blockchain allows us to maximize system security, eliminate the risk of a single database being breached and hacked, and saves us a lot of operational costs, as it can be hosted on multiple devices all around the world.
When the company was founded in 2017, the initial plan was to fund the project through an Initial Coin Offering.
However, now, this is no longer the case, as many things have changed since then. At some point in the future, it is possible to conduct a Security Token Offering campaign, but this will be no earlier than 2023.
We are using the Komodo Platform to create our blockchain solutions.