TheTechMedia.com/wp-content/uploads/2020/12/Jio_LYF_building-e1644822517549-600×346.jpg 600w, https://TheTechMedia.com/wp-content/uploads/2020/12/Jio_LYF_building-e1644822517549-300×173.jpg 300w, https://TheTechMedia.com/wp-content/uploads/2020/12/Jio_LYF_building-e1644822517549-768×443.jpg 768w, https://TheTechMedia.com/wp-content/uploads/2020/12/Jio_LYF_building-e1644822517549-800×461.jpg 800w, https://TheTechMedia.com/wp-content/uploads/2020/12/Jio_LYF_building-e1644822517549-1160×669.jpg 1160w, https://TheTechMedia.com/wp-content/uploads/2020/12/Jio_LYF_building-e1644822517549.jpg 1200w” sizes=”(max-width: 1024px) 100vw, 1024px”>Reliance has now made an entry into the blockchain and cryptocurrency space with the launch of JioCoin. This blockchain-based digital token has been integrated into the JioSphere web browser and is described as a reward mechanism for users of Jio’s ecosystem. Features related to it have been observed on both Android and iOS platforms.
JioCoin is a blockchain-backed token that rewards users for activity within the Jio ecosystem. According to the JioSphere web browser’s FAQ, users can earn these tokens by engaging with apps developed by Jio Platforms Limited (JPL). The only way to earn JioCoins (for now) is through internet browsing on JioSphere, which is accessible via Indian mobile numbers. Eventually, JioCoins will be available on desktop as well.
JioCoin is a product of Reliance Jio’s collaboration with Polygon Labs, something that has been in the works for quite some time. Earlier this month, the two enterprises announced that they were collaborating to bring Web3 and blockchain capabilities (including Polygon’s Layer 2 blockchain technology) to the country, integrating it within Jio’s ecosystem (including its products and services). “Joining forces with Polygon Labs marks a significant milestone in Jio’s journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users,” Kiran Thomas, CEO of Jio Platforms, had said at that time.
Once users earn JioCoins, then they can store the tokens in digital wallets powered by Polygon Labs, the prominent blockchain company which is already collaborating with the Indian telecom major. For now, the monetary value of JioCoins remains undefined, even though it is speculated that the tokens might be redeemable for various Jio services, including mobile recharges, bill payments, or other utilities offered by the company. As Jio expands its digital ecosystem, apps like MyJio and JioCinema are also expected to come with support for JioCoin.
The use of blockchain ensures that each transaction and token issuance is tamper-proof and verifiable. From the looks of it, JioCoin’s current purpose is to be a reward mechanism. However, if it is successful, then there is a chance that users may need a UPI-linked bank account to redeem or convert JioCoins, which could allow for cash conversions or other financial transactions within the Jio network. This is just speculation, so take it with a grain of salt.
Content originally published on The Tech Media – Global technology news, latest gadget news and breaking tech news.
