Decentralists criticize Uniswap’s new privacy policy.
As a consequence of the recently revised privacy policy of the decentralized exchange (DEX) Uniswap, it seems that some users are unhappy with the service. These people are concerned that the practice of collecting and storing user data violates the core ideas behind cryptocurrencies.
A few vocal members of the community have in recent days responded to a blog post written back in November and published on the website to announce an updated privacy policy for the organization. They have mentioned in their comments that it is rare for a decentralized company to collect and preserve information about users. This is something they have stated.
Being open and honest is really necessary.
There it was stated that they did not want any of their customers to be surprised at any time.
This privacy policy, which was last updated on November 17, discloses that the exchange collects data from publicly available blockchains, information about user devices such as browser information and operating systems, and information about users’ interactions with the exchange’s service providers, among other types of information. This policy was last updated on November 17th.
In addition, Uniswap said none of this information includes personally identifying details such as first or last name, street address, date of birth, email address or Internet Protocol address. Uniswap has confirmed that the aforementioned information is missing from this material.
Despite this, some members of the cryptocurrency community have expressed concern that the development goes against the industry’s founding principles, which are centered on protecting the privacy and anonymity of users. These members of the community have voiced their concerns in a number of different ways.
The programmers who created the cryptocurrency that protects user anonymity on November 21, Firo sent out a tweet to its 83,700 followers saying that the recent privacy upgrade made by Uniswap sets a “dangerous precedent” for DEXs. The post was directed at Uniswap.
OwenP, an affiliate of the decentralized exchange SpookySwap, stated that it was unusual for a decentralized exchange to collect and store user information on the backend of the platform. OwenP’s statement was made in response to a question about why a decentralized exchange would do such a thing.
As a result of the recent shutdown of the FTX cryptocurrency exchange at the beginning of this month, the term “transparency” has gained more traction in the industry.
