Mukesh Ambani led Jio Platforms has partnered with internet technology company Polygon Labs. Social media users are excitingly talking about its new venture, Reliance Jio Coin. They are sharing screenshots online. Moreover, Reliance’s tech subsidiary, Jio Platforms, has partnered with Polygon Labs to bring Web3 and blockchain technology to India.
Reliance’s FAQ section says, “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.”
Jio Coin is the newest project of Reliance Industries. The company is bringing blockchain technology to India, said a report of “CoinDCX”. It is worth noting that the official value of this JioCoin has not been revealed as of now, but several media reports say that it could be valued around Rs 43 ($0.50) per token.
Reliance Jio Coin: Why It Is Not A Traditional Cryptocurrency?
Jio Coin do share some similarities with cryptocurrencies, but it doesn’t fit the traditional definition. JioCoin is more akin to a rewards program or digital loyalty points, rather than a traditional cryptocurrency like Bitcoin or Ethereum.
JioCoin is an incentive-based program that rewards 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, users can earn JioCoins, according to several reports.
Difference
Jio Coin is not a traditional cryptocurrency. Unlike Bitcoin and other decentralized tokens, which operate on open blockchain networks as investment assets, JioCoin serves as a customer retention tool. Controlled by Reliance Jio, it rewards users for engaging with Jio’s services, such as shopping, streaming, or buying products online.
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