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Mukesh Ambani's Jio Enters The Crypto Space, Introduces The Blockchain-powered “JioCoin”

Reliance Jio has now entered the cryptocurrency market by partnering with Polygon Labs. It has introduced the JioCoin which is a blockchain-based reward token.

By Naina Yadav
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Jio Enters The Crypto Space, Introduces The Blockchain-powered “JioCoin”

Jio Enters The Crypto Space, Introduces The Blockchain-powered “JioCoin”

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In a surprising move, Mukesh Ambani-led Reliance Jio has now entered the cryptocurrency and blockchain market.

It has established a partnership with the blockchain technology platform Polygon Labs. According to Business Standard, Polygon Labs will be working towards integrating Web3 capabilities into applications and services of Jio Platforms.

As a result of this collaboration, JioCoin has been introduced as a blockchain-based reward token. It is built on Ethereum Layer 2 technology. 

But what will JioCoin do exactly?

As per India Today, it will reward users for engaging on Jio apps and services. It will be exclusively made available to users with Indian-based mobile numbers.

Currently, this reward programme is only available and active on the JioSphere application. It is a new web browser introduced by Jio and available on Android, iOS, Windows, Mac, Android TV, and other platforms.

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HOW TO EARN THE JIOCOIN

The steps to earn a JioCoin are simple:

  1. First, you need to sign up for the JioCoins programme through the Profile section of the JioSphere app.

  2. After the sign-up is complete, you’ll be able to earn JioCoins by engaging in activities like watching videos, reading articles, playing games, using VPN, browsing the web, using the incognito mode, and adding cards to the home screen.

  3. JioCoins are expected to be usable for Jio services like recharging mobile phones and broadband connections, shopping on JioMart, and activating OTT subscriptions. However, the exact details of the utilization aren’t clear as of now.

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SPECULATIONS ABOUT THE JIOCOIN

For now, JioCoin is only available on Jio’s new web browser called JioSphere. But it is expected for the company to soon expand the feature to other apps under its umbrella—-like MyJio, JioCinema, and JioMart.

The official value of JioCoin remains undisclosed for now. As per Business Standard, speculations suggest that the value of the crypto coin could be Rs 43 per token.

CRYPTO REFRESHER FOR YOU

Speaking of blockchain and Web3, what exactly are these terms?

Web3 is the third generation of the World Wide Web. It operates on the principles of being open to everybody through decentralization. 

Simply put, it is more transparent in nature and gives users more control of their data.

As for blockchain, think of it as a digital database. This database operates on linked blocks across a network of computers. It maintains records of orders, transactions, payments, and accounts and ensures that they cannot be altered or changed.

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