By . Leon Watson . An Amatix employee holds a smart gun by the company at the Armatix headquarters in Munich . Prototypes of a James Bond-style pistol that can only be fired if its owner is wearing a watch have been unveiled by the company making it. The slick smart gun from Amatix uses a watch that transmits an identifying radio frequency that prevents everyone but its wearer from firing. Its makers claim the innovation, which was shown today at the Amatix headquarters in Munich, Germany could held curb gun violence. The gun is one of several competing for a $1 million prize from the Smart Tech Challenges Foundation, a group started by tech investors in response to the shooting at Sandy Hook Elementary, where 26 were killed in 2012. The Smart System's futuristic . appearance hides its simple logic: wear the watch and you can fire the . gun. Don't wear the watch and the pistol is a useless hunk of metal. A light on the gun glows green when it can be fired and red when it's locked. According . to the company website, the gun deactivates itself as soon as its out . of range of the watch such as when its been stolen by an intruder or . knocked out of its owner's hand. 'Technology has been proven to solve today's greatest social challenges, and curbing gun violence in this country is one of the greatest challenges we face,' billionaire tech investor Ron Conway told CNN. Conway, who's pumped millions in companies like Twitter, Facebook, BuzzFeed and more, is one of the investors behind Smart Tech Challenges Foundation. A panel will assess the gun safety solutions devised by companies including Armatix and offer cash rewards to fund the brightest and best. The gun is implanted with an electronic chip that allows it to be fired only if the shooter is wearing a watch that communicates with it through a radio signal . If the gun is moved more than 10in from the watch, it will not fire . A light on the gun glows green when it can be fired and red when it's locked . 'We are going to find that entrepreneur who wins this contest and hopefully build that idea into a huge company,' said Conway. While only the Armatix gun works with its watch, another entry is a device that can be inserted into any Glock pistol and warns the owner any time the gun is moved or used. Another entry is a fingerprinted-activated gun lock devised by Carmen Lobis, the grandfather of Sandy Hook victim Benjamin Wheeler. Conway told CNN his group's contest seeks to find the 'Mark Zuckerberg or Larry Page of gun safety.' However, the gun has not received universal approval. Gun owners and National Rifle Association . members have expressed fears the new technology will be mandated and will encroach . on Second Amendment rights . Earlier this month a gun store owner in Rockville, Maryland, who said he would sell the nation’s first smart gun was forced to back down. Andy Raymond, the co-owner of Engage Armament, a store known for its custom assault rifles, had to endure a day of protests and death threats. He said that offering the Armatix iP1 handgun was a 'really tough decision' after what happened to the Oak Tree Gun Club near Los Angeles, which was also lambasted for offering to sell the gun.
Smart gun unveiled by Amatix in Munich, Germany .
Watch means only its owner can pull the trigger .
The makers claim it could help curb gun violence .
It is one of several ideas competing for $1 million prize .
Competition started after 2012 Sandy Hook massacre .
By . Leon Watson . An Amatix employee holds a smart gun by the company at the Armatix headquarters in Munich . Prototypes of a James Bond-style pistol that can only be fired if its owner is wearing a watch have been unveiled by the company making it. The slick smart gun from Amatix uses a watch that transmits an identifying radio frequency that prevents everyone but its wearer from firing. Its makers claim the innovation, which was shown today at the Amatix headquarters in Munich, Germany could held curb gun violence. The gun is one of several competing for a $1 million prize from the Smart Tech Challenges Foundation, a group started by tech investors in response to the shooting at Sandy Hook Elementary, where 26 were killed in 2012. The Smart System's futuristic . appearance hides its simple logic: wear the watch and you can fire the . gun. Don't wear the watch and the pistol is a useless hunk of metal. A light on the gun glows green when it can be fired and red when it's locked. According . to the company website, the gun deactivates itself as soon as its out . of range of the watch such as when its been stolen by an intruder or . knocked out of its owner's hand. 'Technology has been proven to solve today's greatest social challenges, and curbing gun violence in this country is one of the greatest challenges we face,' billionaire tech investor Ron Conway told CNN. Conway, who's pumped millions in companies like Twitter, Facebook, BuzzFeed and more, is one of the investors behind Smart Tech Challenges Foundation. A panel will assess the gun safety solutions devised by companies including Armatix and offer cash rewards to fund the brightest and best. The gun is implanted with an electronic chip that allows it to be fired only if the shooter is wearing a watch that communicates with it through a radio signal . If the gun is moved more than 10in from the watch, it will not fire . A light on the gun glows green when it can be fired and red when it's locked . 'We are going to find that entrepreneur who wins this contest and hopefully build that idea into a huge company,' said Conway. While only the Armatix gun works with its watch, another entry is a device that can be inserted into any Glock pistol and warns the owner any time the gun is moved or used. Another entry is a fingerprinted-activated gun lock devised by Carmen Lobis, the grandfather of Sandy Hook victim Benjamin Wheeler. Conway told CNN his group's contest seeks to find the 'Mark Zuckerberg or Larry Page of gun safety.' However, the gun has not received universal approval. Gun owners and National Rifle Association . members have expressed fears the new technology will be mandated and will encroach . on Second Amendment rights . Earlier this month a gun store owner in Rockville, Maryland, who said he would sell the nation’s first smart gun was forced to back down. Andy Raymond, the co-owner of Engage Armament, a store known for its custom assault rifles, had to endure a day of protests and death threats. He said that offering the Armatix iP1 handgun was a 'really tough decision' after what happened to the Oak Tree Gun Club near Los Angeles, which was also lambasted for offering to sell the gun.
owner is wearing a watch have been unveiled by wearer from firing. Its makers claim the headquarters in Munich, Germany could held curb gun violence. The gun is one of several competing for a $1 million prize from the Smart Tech Sandy Hook victim Benjamin Wheeler. Conway told