JioCoin Launches on Polygon: Jio Platforms Embrace Blockchain Technology
On the Polygon network, the reward-based JioCoin cryptocurrency was introduced by the Indian telecom behemoth Jio Platforms, which is owned by billionaire Mukesh Ambani. Users on X observed that JioCoin was now part of Jio’s proprietary JioSphere browser on January 16. In order to improve its services using Web3 and blockchain capabilities, Jio partnered with Polygon Labs. Users who use JioSphere to browse the internet can earn JioCoin as a reward.
Bitcoin Magnet author Sunil Aggarwal questioned JioCoin’s legitimacy and transparency on X in several ways. He inquired as to whether the token has a block explorer, enables users to confirm transfers, or offers details on its maximum and available supply. Aggarwal also asked if JioCoin’s smart contracts are listed on price trackers such as CoinMarketCap and if they are validated on Polygon.
If these questions can’t be answered simply, JioCoin is at best an experimental project.
Aggarwal
JioCoin Could Revolutionize Reliance Jio’s Ecosystem, Says CEO Kashif Raza
Bitinning CEO Kashif Raza pointed out that JioCoin may be used as the money in the extensive network of thousands of businesses that Reliance Jio operates within. He hypothesized that users may redeem JioCoins they earned on JioSphere for services like Reliance gas station purchases or smartphone recharges. According to Raza, JioCoins can facilitate the world’s most important incentive system.
However, JioCoin launched at a time when India’s cryptocurrency regulations were still stringent. Many people in the country find it difficult to invest in cryptocurrencies due to the country’s flat 30% tax on cryptocurrency gains and 1% tax deduction at the source without loss offsets.
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