Reliance Jio Launches JioCoin, a Digital Token Designed to Support the Company's Wide Network of Digital Products

Millions of people across India are getting much-needed exposure to the world of Web3 through none other than – Reliance Jio

India’s biggest telecommunications provider, Reliance Jio, has now launched its own digital token called JioCoin. The token is designed to support the company’s vast network of digital products.

Currently, JioCoin has no price, cannot be purchased, or transferred. It can only be generated by using the JioNet browser. The generated tokens will be stored in a wallet on the Polygon blockchain.

However, being early in development, people are already talking about the possibilities of JioCoin. Some analysts speculate that users will be able to use JioCoins to pay for mobile phone and broadband internet services, subscribe to different Jio apps like JioCinema, JioCloud, or make purchases on the JioMart online grocery platform.

Others lean toward discounts and offers, believing JioCoins will be redeemable for discounts on Jio services and products. Furthermore, JioCoin holders could get exclusive access to various offers and rewards.

As is the case with every other cryptocurrency, at one point users will be able to send and receive JioCoins among themselves. This also opens the doors for merchants and businesses to use the token within a wider network of third parties. Ultimately, with a wider adoption and more liquidity, the token could also potentially be traded on cryptocurrency exchanges.

This is not the first time a cryptocurrency is being tied to a web browser, offering perks and incentives. Back in 2017, the Brave browser introduced the Basic Attention Token (BAT), which users could generate by watching ads in the browser, and spend to tip their favorite content creators.

Today, Brave is one of the most popular browsers in the world, and the BAT token is among the top 200 cryptocurrencies. It has a market cap of more than $330 million, and daily volume of $24 million.