Uniswap’s new privacy policy sees backlash from decentralization buffs

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

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

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

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

“That’s why we’re releasing a brand new Privateness Coverage right this moment – we wish to be crystal clear about what knowledge we’re defending and the way we use any knowledge we acquire. Transparency is essential. We by no means need our customers to be stunned,” it stated.

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

Uniswap additionally acknowledged that none of this info consists of personally identifiable info similar to first identify, final identify, road tackle, date of delivery, electronic mail tackle or IP tackle.

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

The group behind privacy-preserving cryptocurrency Firo argued in a Nov. 21 Twitter publish 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 person info on the backend.

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

In the meantime, Twitter person CryptoDavid additionally noted to his 12,000 Twitter followers on Nov. 21 that he wasn’t stunned by Uniswap’s determination, 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 trade following the collapse of crypto alternate FTX earlier this month.

Different crypto entities which have just lately pledged towards “transparency,” together with implementing proof of reserves within the case of centralized exchanges, embrace Kraken, Bitmex, Coinfloor, Gate.io 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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