Decentralized trade (DEX) Uniswap’s not too long ago 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 advised it i 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 trade 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 many years of web companies which have eroded it.”
“That’s why we’re releasing a brand new Privateness Coverage at present – we need to be crystal clear about what knowledge we’re defending and the way we use any knowledge we accumulate. Transparency is vital. We by no means need our customers to be shocked,” it mentioned.
This privateness coverage, which was final up to date on Nov. 17 reveals that the trade collects publicly-available blockchain knowledge, details about person gadgets akin to browser data, and working methods, and details about customers’ interactions with its service suppliers, amongst others.
Uniswap additionally acknowledged that none of this data consists of personally identifiable data akin to first identify, final identify, road deal with, date of beginning, electronic mail deal with or IP deal with.
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 workforce 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:
Whereas we have now the utmost respect in what @Uniswap has constructed, we strongly reject the incorporation of knowledge assortment to trace person 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 advised that it was uncharacteristic for a decentralized trade to gather and retailer person data on the backend.
“We had been contacted […] by an infrastructure supplier as soon as who requested about our backend and what data we saved we had been shocked by the query. ‘None after all’ [was] the reply.”
In the meantime, Twitter person “CryptoDavid” additionally famous to his 12,000 Twitter followers on Nov. 21 that he wasn’t shocked 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 trade FTX earlier this month.
Different crypto entities which have not too long ago pledged in direction of “transparency,” including implementing “proof-of-reserves” within the case of centralized exchanges, embody 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.
