2022-11-23 11:00:00

Decentralization Supporters Criticize Uniswap’s New Privacy Policy

Given the FTX incident, which brought attention to the need for transparency, Uniswap recently released a privacy policy.

 

The recently revised privacy policy of DEX (decentralized exchange) Uniswap appears to have angered some local residents, who worry that gathering and keeping user data goes against crypto’s fundamental principles.

 

Some outspoken community members recently suggested the community’s suggestion that it is unusual for a decentralized business to acquire and retain data about its customers in reaction to a blog article from the month of November about its freshly brewed privacy policy.

 

According to this privacy statement, which was most recently updated on November 17, the exchange, among other things, gathers publicly accessible blockchain data, details about client devices, including information about operating systems and browsers, and details about users’ conversations with its service suppliers.

 

Furthermore, according to Uniswap, none of this data contains personally identifying data like a user’s first or last name, geographical address, birth date, email address, or IP address.

 

Despite this, several members of the cryptocurrency community have expressed worry that the changes go counter to the industry’s fundamental principles, which are centered on user confidentiality and security.

 

In a tweet on November 21 to its 83,700 followers, the developers behind the privacy-preserving virtual currency Firo stated that Uniswap’s security update creates a “hazardous precedent” for DEXs:

 

It was suggested by OwenP, an associate for the decentralized exchange SpookySwap, that it was unusual for a cryptocurrency exchange to gather and keep user data on the backbone.

 

On November 21, Twitter user “CryptoDavid” added to his 12,000 followers on the platform that he wasn’t shocked by Uniswap’s announcement because other DEXs had begun to follow suit.

 

Kraken, Bitmex, Coinfloor, Gate.io, and HBTC are other cryptocurrency companies that have lately made commitments to “transparency,” including establishing proof of reserves in the event of centralized exchanges. These companies have previously finished audits.

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