The concept is a goldmine. You need to convince potential users of its security an privacy protection, should there be any. If there isn't any, your product is a ticking time bomb.
I doubt you or your cofounders set out to deceive users or spy on them, but there are many, many government-related reasons to lie to your users about privacy. The government can be very persuasive that way.
Does this not raise privacy concerns similar to Google Glass? Is it not possible that people may be recorded without their knowing and without their permission?
We'll always try to prevent people from being recorded without their knowledge, but in the end it comes down to what our users choose to do. Someone today could cause the same privacy violation by walking around with a tape recorder.