Uniswap’s new privacy policy sees backlash from decentralization buffs

Decentralized alternate (DEX) Uniswap lately up to date privateness coverage seems to have attracted the ire of some members of the group, with considerations that amassing and storing consumer knowledge works in opposition to crypto’s core values. 

In latest responses to a November weblog put up relating to its up to date privateness coverage, some vocal members of the group suggested it’s uncharacteristic for a decentralized entity to gather and retailer details about its customers.

Within the Nov. 11 put up from Uniswap Labs, launched across the time of FTX’s collapse, the decentralized alternate launched its privateness coverage to clarify the way it collected and saved consumer knowledge:

“With improvements round blockchain, web3 goals to reclaim customers’ privateness and selection after many years of web companies which have eroded it.”

“That’s why we’re releasing a brand new Privateness Coverage immediately – we need to be crystal clear about what knowledge we’re defending and the way we use any knowledge we gather. Transparency is vital. We by no means need our customers to be stunned,” it mentioned.

This privateness coverage, which was final up to date on Nov. 17, reveals that the alternate collects publicly-available blockchain knowledge, details about consumer gadgets akin to browser data, working programs and details about customers’ interactions with its service suppliers, amongst others. 

Uniswap additionally said that none of this data contains personally identifiable data akin to first title, final title, avenue tackle, date of delivery, e-mail tackle or IP tackle.

Regardless of this, some within the crypto group have shared considerations that the strikes are in distinction to crypto’s core values, that are targeted on consumer privateness and anonymity. 

The crew behind privacy-preserving cryptocurrency Firo argued in a Nov. 21 Twitter put up to its 83,700 followers that Uniswap’s privateness replace units a “harmful precedent” for DEXs:

OwenP, an affiliate for the DEX SpookySwap suggested that it was uncharacteristic for a decentralized alternate to gather and retailer consumer data on the backend.

“We had been contacted […] by an infrastructure supplier as soon as who requested about our backend and what information we saved we had been shocked by the query. ‘None after all’ [was] the reply.”

In the meantime, Twitter consumer CryptoDavid additionally noted to his 12,000 Twitter followers on Nov. 21 that he wasn’t stunned by Uniswap’s choice, as different DEXs have additionally began doing the identical factor.

Associated: Digital sovereignty: Reclaiming your personal knowledge in Web3

Transparency has emerged as a buzzword within the business following the collapse of crypto alternate FTX earlier this month.

Different crypto entities which have lately pledged towards “transparency,” together with implementing proof of reserves within the case of centralized exchanges, embody Kraken, Bitmex, Coinfloor, and HBTC, who’ve already accomplished audits.

Binance, OKX, KuCoin and a bunch of different exchanges additionally plan on doing the identical.

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