Uniswap’s updated privacy policy receives criticism over data concerns | The Financial Express

Uniswap’s updated privacy policy receives criticism over data concerns

According to Cointelegraph, certain members of the cryptocurrency community recommended about it being uncharacteristic for a decentralised platform to collect and store data about its users

Uniswap’s updated privacy policy receives criticism over data concerns
Reportedly, other cryptocurrency entities have recently pledged towards “transparency,” with the inclusion of implementation of “proof-of-reserves” in the case of centralised exchanges

Decentralised exchange (DEX) Uniswap’s recently updated privacy policy is said to have attracted the attention of certain members of the community, on account of concerns around collecting and storing user data works against cryptocurrency’s values, as reported by Cointelegraph.

According to Cointelegraph, certain members of the cryptocurrency community recommended about it being uncharacteristic for a decentralised platform to collect and store data about its users. Through a November 11, 2022, Uniswap Labs unveiled its privacy policy to give explaination around how it collected and stored users’ data.

“With innovations around blockchain, Web3.0 aims to reclaim users’ privacy and choice after decades of internet businesses that have eroded it. That’s why we’re releasing a new Privacy Policy today – we want to be crystal clear about what data we’re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised,” Uniswap Labs stated.

On the basis of information by Cointelegraph, the privacy policy, which was last updated on November 17, 2022, showed that exchange’s collection of publicly-available blockchain data, information about user devices such as browser information, operating systems, and information about users’ interactions with its services providers, among others. The platform also mentioned that none of the information includes personally identifiable information such as first name, last name, street address, date of birth, email address or IP address. 

Moreover, Cointelegraph noted that Twitter user “CryptoDavid” highlighted to his 12,000 Twitter followers on November 21, 2022, that he wasn’t surprised by Uniswap’s decision, on account of other DEXs also following the same move. Reportedly, other cryptocurrency entities have recently pledged towards “transparency,” with the inclusion of implementation of “proof-of-reserves” in the case of centralised exchanges, including Kraken, Bitmex, Coinfloor, Gate.io, HBTC, among others, who’ve concluded their audits.

(With insights from Cointelegraph)

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First published on: 22-11-2022 at 17:14 IST