What is ‘JioCoin’? All About Reliance’s New Crypto Token

Mukesh Ambani’s Reliance Jio has joined hands with Polygon Labs, a blockchain technology platform, to enter the blockchain universe with its JioCoin. 

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Polygon Labs is a Bengaluru-based blockchain company that will help Reliance Jio build Web3 services for its existing 450 million+ customers.

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What is Jio Coin?

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JioCoin is a digital coin that will be issued to users on JioSphere by Polygon Labs. JioSphere is a web browser offered by Jio Platforms for internet browsing.

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It is a blockchain-based reward token that users can earn by surfing mobile and internet apps offered by Jio Platforms.

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The number of tokens earned will depend on the user behaviour, i.e., how often a user interacts with various apps and sites on the JioSphere platform. A user must be a Jio SIM user to browse these pages and apps.

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The more a user browses websites and apps on the JioSphere, the more JioCoins they will earn. A user’s reward earnings will be reflected in their Polygon wallet.

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How to enroll in the JioCoins program?

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To enjoy the benefits of JioCoin, one must be a Jio user. If you are an existing Jio SIM user, you can find the option to opt in inside the menu.

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Currently, the these coins are available to users on the JioSphere browser. Moreover, Jio plans to extend the availability of these coins to its other apps, like JioCinema.

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Who built the Jio Coin technology?

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Polygon Labs, a blockchain company, is the driving force behind JioCoin. It is the “developer arm” of Polygon Protocols, a blockchain infrastructure company based in Bengaluru.

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The company describes itself as

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“Polygon Labs redistributes the power and value of the internet to its users, by building a network of open source protocols that provide unified liquidity, unlimited scalability, and interoperability for builders.”

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Kiran Thomas, CEO of Jio Platforms Ltd. (JPL), spoke about their collaboration with Polygon.

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“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.”

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Is JioCoin regulated by the government?

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At present, there are no regulations in place governing Reliance's token reward, as they are yet to be launched by Reliance Jio.

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As and when Reliance Jio launches Jio coins for all its users, SEBI and RBI will most likely introduce certain rules to regulate the token.

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On X, Rohit Singh, a research analyst registered with SEBI, offered his insights on JioCoin's regulatory strategy in India. He wrote,

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“Reliance Jio’s involvement could be a game changer in India’s regulatory landscape. Jio could lead a movement to bring mainstream crypto adoption to India.”

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What is the value of JioCoin?

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As of now, there is no official information regarding the exact value of how much one coin is worth. However, users will be able to trade these coins within Jio’s ecosystem for bill payments, mobile recharge, and more.

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The Web3 tokens, i.e., JioCoins, will be deposited in the user’s wallet based on their engagement, which will also determine the value of the token.

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How to get free JioCoin?

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Earning JioCoins is easy and does not require the user to spend any money. There are various ways to earn free coins on Jio; all you need to do is follow these steps:

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• Download the JioSphere app and sign up for the JoiCoins program using your mobile number.
• Interact with the JioSphere app by browsing the web, playing games, watching videos, playing music, and more

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As per reports, the JioCoins program will be extended to other Jio platforms like JioCinema, JioMart, and the MyJio app.

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How can we buy JioCoin?

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JioCoin cannot be bought; it can be earned by the users by downloading the JioSphere app and interacting with it.

How do I use JioCoin?

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There is no official communication from the company as to how these JioCoins will be redeemed by users.

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However, many experts expect these tokens to be used for different purposes. It may be used as an internal currency to purchase products within its ecosystem.

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Some expect these coins to be used for bill payments, mobile recharges, and shopping on several Jio Platforms.

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How do I check my JioCoins balance?

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Users who have signed up for the JioCoins program on the JioSphere app can check their JioCoins balance in the ‘reward’ section. The users can access their balance in the ‘My Wallet’ section inside the app.