Mukesh Ambani’s Jio has announced the launch of its in-house cryptocurrency, JioCoin. The platform has reportedly introduced JioCoin on the Polygon blockchain network as a reward token for browsing through JioSphere, Jio’s proprietary web browser. According to reports, the token is currently non-transferable and non-redeemable.

The launch is the result of Jio’s partnership with Polygon Labs and comes against the backdrop of India’s stringent cryptocurrency regulations. It has sparked discussions about the token’s potential uses, availability, and coin accumulation. However, the company has yet to disclose official details about the token’s functionality.

Social media is abuzz with speculation on these aspects. A tweet on its availability has generated excitement on X, where a user named Kashif Raza claimed that the token is integrated into JioSphere. He alleged that the token rewards users for browsing online through Jio’s web browser.

Kashif Raza Tweeted

“Yes, yes, this is an unbelievable update! This is real… it’s happening!

You can accumulate JioCoins in a Web3 Wallet built on Polygon (A Public Blockchain).”

How Blockchain-Based Reward Systems Typically Work?

Blockchain-based reward systems typically operate through three key stages: Reward Token Creation, Earning Rewards, and Redeeming Rewards. In the case of JioCoin, users may earn tokens by completing specific tasks, such as streaming content on JioCinema, engaging with JioSaavn, shopping on JioMart, or interacting with other Jio apps and services. The reward system utilizes blockchain technology to ensure transparency, enhance security, and enable seamless transactions. With JioCoins, users can unlock a variety of benefits, such as redeeming rewards, accessing exclusive offers, or even trading tokens within the ecosystem. This innovative system opens up new opportunities for digital engagement while fostering customer loyalty.

Also Read: Now You Can Buy JioCoin Very Easily! Dreaming Of Big Earnings? Here’s everything you need to know

Create Your Reliance Jio Coin Wallet!

Creating a wallet on the JioSphere app is simple and hassle-free. JioSphere, a web browser by Jio Platforms, is available for download on both the App Store and Google Play Store. Once you’ve downloaded the app, head over to the profile section and sign up to get started.

To Earn Reliance JioCoins

Users can earn them by engaging with different Jio apps. Based on their engangements, Web3 tokens will be deposited in the user wallet. The value of the tokens is determined based on user engagement. You can join the JioCoins program through the mobile applications.