When we talk about the telecom sector of India, the first name that comes to mind is Reliance Jio, one of the leading telecom giants. Now, the conglomerate has entered the crypto world with JioCoin, a reward token built on Polygon blockchain.
Although the company hasn’t made any formal announcement, however, Jio Coin has started making appearances on numerous smartphones of JioSphere users, which has created a lot of buzz in the market.
The quiet and low-profile launch of Jio Coin has puzzled experts in the cryptocurrency industry. It has reminded the industry about 2016 “telecom revolution” in India by announcing free data and calling services.
Reliance Jio- a subsidiary of Reliance Group, has developed this project in collaboration with Polygon Labs. This would mark a significant step towards Web3 adoption in the country.
In this article, we will understand the basics of JioCoin, its uses. We will also learn how to earn it with the help of a detailed guide, and its future prospects.
What is JioCoin?
JioCoin is a digital token based on Polygon blockchain technology. JioCoin, developed by Reliance Jio, falls under Blockchain-Based Rewards Programme (BBRP).
JioCoin is different from other cryptocurrencies such as Bitcoin, Ethereum, Solana and others. These tokens are set to reward users of Jio services. The rewards earned can be redeemed for benefits like discounts on Jio services and access to exclusive content.
Reliance Jio has partnered with Polygon Labs, a cryptocurrency platform, to incorporate advanced Web3 capabilities into the Jiocoin program. The partnership combines Jio’s massive reach with Polygon’s cutting-edge Ethereum Layer-2 solution. JioCoins aren’t stablecoins, transferable, or redeemable, they get accumulated in the Polygon wallet.
Features of JioCoin
Reliance Jio plans to improve user engagement and provide innovative blockchain-based services to its 450 million user base. The Jio users will be able to utilize all the benefits provided by Web3 such as robust security and privacy.
The reward tokens are available to users through a variety of activities on Jio’s mobile and web-based services.
JioCoin operates on blockchain technology, ensuring security and transparency.
How to Earn JioCoin?
After the launch of JioCoin, users are curious to know its benefits and how they can buy it. JioCoin is earned through the use of JioSphere, a web browser app designed to provide a secure and advanced browsing experience to its users. Here’s a step-by-step guide on how to earn JioCoin:
- Step 1: Download JioSphere
Download JioSphere official browser app, currently available on platforms like Android and iOS devices. A user can install it from the Google Play Store.
- Step 2: Sign Up for JioCoin Program
After installing the JioSphere browser, open the app and go to the profile section. Here, you need to register using your mobile number and complete the OTP verification process.
- Step 3: Check JioCoin Wallet
Once the registration process gets completed, it will automatically create your JioCoin wallet to store JioCoins.
- Step 4: Use JioSphere Application
To earn rewards coins, users have to engage with the Jio application. On completing certain tasks on your Web3, tokens will be deposited in your wallet.
How to Use JioCoin?
Currently, the process is in the beta stage and there is limited information available as the company hasn’t made any official declaration. However, the users of Jio have started taking note of JioCoin on their smartphones.
The token is, neither transferable nor tradable on external cryptocurrency exchanges but it has various potential uses within the Jio ecosystem. To earn these coins, users have to take part in certain activities through their mobile on different Jio platforms and apps. JioCoin may soon be supported by apps such as MyJio, JioCinema, and others.
- Discounts on Jio Services: It may be used for grabbing discounts on mobile recharges, broadband plans, or premium subscriptions of various Jio services.
- Purchases on JioMart: The usage of JioCoins to make purchases on the JioMart platform or to get special discounts.
- Access to Exclusive Content: JioCoin users to avail the benefits of access exclusive content, early releases, or some exceptional features.
Can JioCoin be Listed on Binance?
Due to existing technical legalities in the Indian crypto regulation space, as of now, JioCoin cannot be technically considered as a cryptocurrency. JioCoin has been developed to be used as a blockchain-based reward token. Therefore, like other cryptocurrencies, the users can’t trade or buy it at the moment on crypto exchanges like Binance.
However, if we consider the growing popularity of digital coins and blockchain technology, it is possible that the functionality of JioCoin will expand in the future. This might lead to the listing of JioCoin on major exchanges such as Binance.
Conclusion
JioCoin represents the innovative approach of Reliance Jio to integrate features of blockchain technology into the digital environment. The users can earn reward tokens through different Reliance Group platforms like Jio Messaging app and JioSphere browser app.
By rewarding users for using its services, JioCoin aims to boost a more interactive ecosystem. While JioCoin is a non-tradable token, its features could offer users an added value and incentive for continued participation, with assured transparency and security. This step by Reliance Industries shows that they are ready to disrupt the crypto ecosystem.
