Reliance Jio Coin: A Reward Token! How It Is Different From A Traditional Cryptocurrency – Details Inside

Jio Platforms, led by billionaire Mukesh Ambani, has partnered with internet technology company Polygon Labs. Social media users are interestingly talking

Billionaire Mukesh Ambani-led Jio Platforms has partnered with internet technology company Polygon Labs to bring Web3 and blockchain technology to India, and social media users are buzzing with talk about its new venture, JioCoin. Screenshots are being shared online that show a FAQ section from Reliance’s website describing JioCoins.

“JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers,” the FAQ section states.

The JioCoins can then be redeemed for various products and services offered by JPL and its partners. The FAQ section also clarifies that the reward tokens are not transferable between users and will expire after a certain period.

While the JioCoins do share some similarities with cryptocurrencies, it’s important to note that they cannot be classified as traditional cryptocurrencies. Instead, JioCoins are more akin to a rewards program or digital loyalty points, rather than a decentralized investment asset like Bitcoin or Ethereum.

Traditional cryptocurrencies operate on open blockchain networks and are designed to be used as a medium of exchange or store of value. In contrast, JioCoins appear to be a closed-loop system primarily intended for customer retention.