Uniswap changes the policy of confederacy, what will change?
2022.11.21 23:35
Uniswap changes the policy of confederacy, what will change?
Budrigannews.com – Decentralized trade (DEX) Uniswap’s as of late refreshed security strategy seems to have drawn in the rage of certain individuals from the local area, with worries that gathering and putting away client information neutralizes crypto’s fundamental beliefs.
Some vocal members of the community suggested in recent responses to a November blog post about its updated privacy policy that it is unusual for a decentralized entity to collect and store information about its users.
The decentralized exchange explained how it collected and stored user data in Uniswap Labs’ November 11 post, which was published around the time of FTX’s collapse.
“With innovations around blockchain, web3 aims to reclaim users’ privacy and choice after decades of internet businesses that have eroded it.”
“We want to be absolutely clear about what data we are protecting and how we use any data we collect, which is why we are releasing a new Privacy Policy today.Integrity is essential.It stated, “We never want our users to be surprised.”
This security strategy, which was keep going refreshed on Nov. 17 uncovers that the trade gathers freely accessible blockchain information, data about client gadgets like program data, and working frameworks, and data about clients’ collaborations with its specialist organizations, among others.Additionally, Uniswap stated that none of this data contains personally identifiable information like a person’s date of birth, email address, or IP address.
Despite this, some members of the crypto community have expressed concerns that the actions contradict crypto’s fundamental values, which emphasize anonymity and user privacy.In a Nov. 21 tweet to its 83,700 followers, the team behind the privacy-preserving cryptocurrency Firo argued that Uniswap’s privacy update sets a “dangerous precedent” for DEXs:
While we have the utmost respect in what @Uniswap has built, we strongly reject the incorporation of data collection to track user behaviour and onchain activity. This sets a dangerous precedent for DEXes. https://t.co/h4kCiQKtl7
— Firo $FIRO (@firoorg) November 21, 2022
According to OwenP, a member of the DEX SpookySwap, it is unusual for a decentralized exchange to collect and store user data on the backend.
“An infrastructure provider once contacted us and asked about our backend and the information we kept. The question shocked us.”Naturally, there was no response.”
In the meantime, on November 21, Twitter user “CryptoDavid” informed his 12,000 followers that he wasn’t surprised by Uniswap’s decision because other DEXs have started doing the same thing.
Related:Digital autonomy:After the collapse of the cryptocurrency exchange FTX earlier this month, the term “reclaiming your private data in Web3 Transparency” has become a buzzword in the industry.
Kraken, Bitmex, Coinfloor, Gate.io, and HBTC are just a few of the crypto companies that have recently pledged to be “transparent,” including implementing “proof-of-reserves” for centralized exchanges.
