If you believed that Google Glass is going to have its way without competition, think again. Takahito Iguchi, who is a Tokyo-based entrepreneur, has already come up with a wearable computing device he has named Telepathy One. The gadget with its built-in camera and micro-projection screen coupled with a trendy wraparound design seems like a much cheaper alternative to Google Glass.

The entrepreneur and his team have already demonstrated 2 prototypes of their gadget in New York. Unlike Google Glass, it is not actually a pair of glasses. It has a tiny screen that you need to align in front of your eyes. The ear buds attached to the frame act as audio inputs and hold the gadget. According to Iguchi, the main intention of the device is to record and share videos.

The Features

Unfortunately, the 2 demos revealed that the gadget does not yet support audio or the camera functionality. The 1st prototype showed Manga Camera, which would be Telepathy’s first app. The app turns photos to animated comic characters, which can be streamed to the gadget’s display screen with the aid of Bluetooth.

The 2nd prototype was used to demonstrate Telepathy’s ability to display text messages on the screen. There are, however, no other applications at this time. The company has said that it is looking to make further improvements in this gadget that is still in its “baby stage.” Iguchi is meeting several developers to look for other ways to enhance use of the headset.

The Launch and Price of Telepathy

The gadget has just been launched in January and is slated to have a full release by the end of the year. There is no solid information about the gadget’s actual price. Takahito Iguchi though has made it clear that whatever the gadget turns out to be finally, it would definitely be priced lower than Google Glass.

Photo Credit: Mashable.com, Telepathy