All transactions and other data stored on the blockchain are considered “on-chain data.”
Uniswao wants to make data-driven choices to enhance the user experience.
Uniswap, a major decentralized exchange, disclosed that it gathers certain user data, such as traders’ device type or browser, but no personally identifiable information. On Monday, the DEX claimed in a blog post that “transparency was key.” And that it was collecting data both off-chain and on-chain to enhance the user experience.
All transactions and other data stored on the blockchain are considered “on-chain data.” This includes making purchases, making transactions, transferring funds in a wallet, and interacting with smart contracts. Off-chain data, such as a user’s device type and operating system, exists independently of a blockchain but may be associated with a wallet and its transactions.
Data-driven Choices
Uniswap Labs said in a Monday blog post that although user privacy and data security are their first priorities. They also want to make data-driven choices to enhance the user experience.
Information like as the user’s device type, browser version, etc. is stored on the blockchain and is available to the public. All of the companies it deals with have no access to any personally identifiable information. Since Uniswap Labs claims it does not gather such information.
In its announcement, Uniswap stressed that it does not save any personally identifiable information about its consumers. They also said that it “does not share your data with any third parties for marketing purposes.”
According to the DEX’s amended privacy policy, the exchange gathers information in order to make its services more useful, prevent illegal actions, and fix security vulnerabilities like bugs. To “comply with applicable laws and regulations,” such information would also be useful to authorities.