Reliance Jio Coin: Billionaire Mukesh Ambani-led Jio Platforms has partnered with internet technology company Polygon Labs. Social media users are interestingly talking about its new venture, JioCoin. Screenshots are shared online. Moreover, Reliance’s tech subsidiary, Jio Platforms, has partnered with Polygon Labs to bring Web3 and blockchain technology to India.
“JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers,” read the Reliance’s FAQ section.
Jio Coin is the newest project of Reliance Industries and the company is bringing blockchain technology to India, said a report of “CoinDCX”. Notably, JioCoin’s official value has not been revealed yet. However, several media reports suggest that it could be valued around Rs 43 ($0.50) per token.
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Reliance Jio Coin: How It Is Different From A Traditional Cryptocurrency?
Jio Coin do share some similarities with cryptocurrencies, but it cannot be termed as a traditional cryptocurrency. JioCoin is more like a rewards program or digital loyalty points, rather than a traditional cryptocurrency like Bitcoin or Ethereum.
JioCoin is basically an incentive-based program that rewards the users for actively participating in the Jio ecosystem. By using Jio’s various services, such as browsing with JioSphere, streaming on JioCinema, or shopping on JioMart, individuals can earn JioCoins, claims several media reports.
Traditional cryptocurrencies, like Bitcoin and other decentralized tokens, operate on open blockchain networks as investment assets. However, JioCoin serves as a customer retention tool. Controlled by Reliance Jio, this program rewards users for engaging with Jio’s services, such as shopping, streaming, or buying products online.
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