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One India’s largest telcos has launched its own cryptocurrency
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JioCoin is currently not redeemable or tradeable
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It could be integrated into Reliance Jio’s entire ecosystem of products and apps
Reliance Jio is one of India’s largest telecommunications companies.
The company launched JioCoin earlier this week, a digital coin designed to support its wide network of digital services.
JioCoin’s Current Functionality
JioCoin has no price and cannot be bought or transferred anywhere. It can only generated by using the Jiosphere browser.
The generated tokens will then be stored in a wallet using the Polygon blockchain.
JioCoin: Potential Uses
Even though JioCoin is still in its early stages of development, people have already begun to discuss the possibilities. Analysts speculate that users will be allowed to pay for mobile and broadband internet services as well as subscribe to Jio apps such JioCinema or JioCloud or make purchases through the JioMart platform.
Others prefer discounts and offers, thinking JioCoins can be redeemed for discounts on Jio products and services. JioCoin holders may also be able to access exclusive offers and rewards.
JioCoin’s Potential expansion
Like every other cryptocurrency, users will eventually be able send and receive JioCoins.
This opens the door for merchants and business to use the token in a wider network. The token could be traded on cryptocurrency markets if it is adopted more widely and has a greater liquidity.
Reliance Jio, a leading telecoms company in India is known for its disruptive entry to the market and affordable 4G data plans. It has more than 461 million subscribers, and serves primarily the Indian market.
Browser-Based Tokens : A precedent
This isn’t the first time that a cryptocurrency has been tied to a browser, offering incentives and perks. In 2017, the Brave browser launched the Basic Attention Token, which users could earn by watching ads within the browser and use to tip their favourite content creators.
Brave is now one of the world’s most popular browsers, and BAT is among the top 200 crypto currencies. It has a daily volume of $24million and a market capitalization of over $330 million.
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