HomeAltcoinsAll you need to know about Uniswap's new privacy terms

All you need to know about Uniswap’s new privacy terms

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On 17 November 2022, the Uniswap blockchain shared its detailed policy about privacy. It is not a surprise because of the recent events of FTX and Terra Luna crash and hacking of some of the significant blockchains over the past few months. Investors and users are now very much concerned and worried about their privacy.

That is the precise reason why most blockchains are now sharing their Privacy Policy with their users in order to have their trust and commitment. Following are the details about Uniswap’s Privacy Policy.

Uniswap’s commitment to privacy

According to the official website, Uniswap does not collect data related to users’ accounts nor does it store personal data like name, IP address, street address, date of birth, email address, and so on. However, it collects data that is already shared on Publicly-available blockchain for Services and screens users’ wallets for “any prior illicit activity.”

Additionally, it collects information from localStorage and other tracking technologies: these include localStorage, mobile deviceID, cookies, web beacons, and other similar technologies. This data is then used to improve all the products for better experiences. The information collected from these technologies includes browser type, referring/exit pages, operating system, device or browser language, and other device information.

All you need to know about Uniswap’s new privacy terms

Why do they collect data? And for what purposes?

Data is an important asset for both users and blockchains because of its usage in Web3. A blockchain cannot improve users’ experiences if it does not have relevant data. The aim of collecting data is “to make data-driven decisions that improve user experience.” Additionally, the data is used to provide better services and customer support to users.

The data can also be used against anything illegal activity against the users and also “to protect against, investigate, and stop fraudulent”. The data can be further used to help users in the case of government, law enforcement, and regulators-related activities.

Last but not least the data is used by the Uniswap blockchain to “learn more about how users use the Services and where we can improve your experience.”

Is users’ data shared with someone else?

According to the official website of Uniswap, the data that is collected may be shared or disclosed but under certain conditions.

The officials say that the data may be shared with the service providers in order to “assist us in providing, delivering, and improving the Services.” Your data may be shared in a case when the blockchain feels that it can prevent harm to its users, company, or others by sharing the data. Additionally, the data will be shared for litigation, regulatory proceedings, compliance measures, court order, or other legal procedures.

Safety and security is the ultimate goal of this Privacy Policy so for the safety and security of users, company, and services, your data will be shared no matter what. If the data can avoid security risks, solve potential security issues, and protect users, Company, and ecosystem, it will be shared.

However, if you give your consent to share your data at any other time, it will be shared. According to the official site, “We may share your information any other time you provide us with your consent to do so.”

Note;

The company would not share your data with any other third party for any marketing or advertising purposes.

Final thoughts

Uniswap’s Privacy Policy is a must-to-do thing in the current scenario. In the last year, there have been dozens of different hacking attacks on top crypto blockchains, and the failure of firms like FTX and Terra Luna has made it compulsory for every blockchain firm to share its privacy policy so that users and investors do believe them. It will ultimately benefit the overall market. 

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