Decentralized exchange (DEX) Uniswap’s lately updated online privacy policy seems to possess attracted the ire of some people from the community, with concerns that storing and collecting user data works against crypto’s core values.
In recent responses to some November blog publish regarding its updated online privacy policy, some vocal people from the community recommended it’ uncharacteristic for any decentralized entity to gather and store details about its users.
Within the November. 11 publish from Uniswap Labs, released at about the time of FTX’s collapse, the decentralized exchange released its online privacy policy to describe the way it collected and stored user data
“With innovations around blockchain, web3 aims to reclaim users’ privacy and selection after decades of internet companies which have eroded it.”
“That’s why we’re releasing a brand new Online Privacy Policy today – you want to be very obvious by what data we’re protecting and just how we use data we collect. Transparency is essential. We never want our users to become surprised,” it stated.
This online privacy policy, that was last updated on November. 17 reveals the exchange collects openly-available blockchain data, details about user devices for example browser information, and os’s, and knowledge about users’ interactions using its providers, amongst others.
Uniswap also mentioned that none of the information includes your personal data for example name, surname, home address, birth date, current email address or Ip.
Regardless of this, some within the crypto community have shared concerns the moves are as opposed to crypto’s core values, that are centered on user privacy and anonymity.
They behind privacy-preserving cryptocurrency Firo contended inside a November. 21 Twitter publish to the 83,700 supporters that Uniswap’s privacy update sets a “dangerous precedent” for DEXs:
Basically we possess the utmost respect with what @Uniswap has generated, we strongly reject the incorporation of information collection to trace user conduct and onchain activity. This sets a harmful precedent for DEXes. https://t.co/h4kCiQKtl7
— Firo $FIRO (@firoorg) November 21, 2022
OwenP, a joint venture partner for that DEX SpookySwap recommended it had become uncharacteristic for any decentralized exchange to gather and store user info on the backend.
“I was contacted […] by an infrastructure provider once who requested about our backend and just what info we stored i was shocked through the question. ‘None of course’ [was] the solution.”
Meanwhile, Twitter user “CryptoDavid” also noted to his 12,000 Twitter supporters on November. 21 he wasn’t surprised at Uniswap’s decision, as other DEXs also have began doing exactly the same factor.
Related: Digital sovereignty: Reclaiming your personal information in Web3
Transparency has become a buzzword in the market following a collapse of crypto exchange FTX earlier this year.
Other crypto entities which have lately promised towards “transparency,” including applying “proof-of-reserves” within the situation of centralized exchanges, include Kraken, Bitmex, Coinfloor, Gate.io and HBTC who’ve already completed audits.
Binance, OKX, KuCoin and a number of other exchanges also intend on doing exactly the same.
