Decentralized alternate (DEX) Uniswap just lately up to date privateness coverage seems to have attracted the ire of some members of the group, with issues that gathering and storing consumer information works towards crypto’s core values.
In latest responses to a November weblog put up concerning 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 elucidate the way it collected and saved consumer information:
“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 now – we need to be crystal clear about what information we’re defending and the way we use any information we gather. Transparency is essential. 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 information, details about consumer gadgets equivalent to browser data, working programs and details about customers’ interactions with its service suppliers, amongst others.
Uniswap additionally said that none of this data consists of personally identifiable data equivalent to first identify, final identify, avenue deal with, date of beginning, e mail deal with or IP deal with.
Regardless of this, some within the crypto group have shared issues 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:
Whereas we now have the utmost respect in what @Uniswap has constructed, we strongly reject the incorporation of knowledge assortment to trace consumer behaviour and onchain exercise. This units a harmful precedent for DEXes. https://t.co/h4kCiQKtl7
— Firo $FIRO (@firoorg) November 21, 2022
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 have been contacted […] by an infrastructure supplier as soon as who requested about our backend and what data we stored we have been shocked by the query. ‘None in fact’ [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 determination, as different DEXs have additionally began doing the identical factor.
Associated: Digital sovereignty: Reclaiming your personal information 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 number of different exchanges additionally plan on doing the identical.
