Though I doubt that would work for dreams - usually our dreams follow unusual patterns. You may look at a blue and take it as the bluest blue out of any other blue you've seen, but the computer wouldn't be able to interpret that. I don't doubt it can interpret some very raw emotions, like anger, happiness, sadness, suspiciousness, boredom, stress and etc.
Maybe the people who claim they can see "other" colors can finally verify it.
I wonder how clear it can really get considering the peripheral vision is kind of blurry.
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