Reliance Jio Launches JioCoin: Mukesh Ambani sets another record as Jio becomes India’s first telecom company to launch…

Mukesh Ambani's Reliance Jio has become the first telecom company in India to launch its own reward token. Named JioCoin, the token has been integrated into JioShpere, the company's own web browser, as a reward mechanism for users who browse the internet via JioShpere. Notably, the JioCoin is not redeemable or transferable at present.

As per reports, X users noticed the incorporation of JioCoin into JioSphere on Monday. This development follows Jio's recent partnership with Polygon Labs, which is aimed at enhancing its services with blockchain and Web3 features.

It is also important to note that JioCoin is designed by Reliance as a reward mechanism for people who browse internet via JioShphere. Currently, Jiospere is not redeemable nor transferable. However, users noticed that the coin’s value will be clear after it operated within Jio's extensive ecosystem.

While the launch of JioCoin has sparked discussions about its potential applications, the company has not disclosed any details regarding its utility. Some speculations suggest that JioCoin might eventually facilitate services such as mobile recharges or transactions at Reliance gas stations, thanks to a partnership between Jio and Paytm.

However, the launch of JioCoin has also faced some criticism. Writer and crypto analyst Sunil Aggarwal has expressed doubts about the token's transparency and authenticity, raising concerns about the absence of a block explorer or verified smart contracts for JioCoin on the Polygon network.

On the other hand, some have drawn parallels between JioCoin and the Basic Attention Token (BAT) utilized by the Brave browser, proposing that it could fulfill a comparable role in India. The introduction of JioCoin also occurs within a framework of stringent regulatory requirements for cryptocurrencies in the country, which entail a 30% tax on profits and a 1% tax deduction at the source.

To recall, Jio Platforms, a subsidiary of Reliance, had launched a new reward token, JioCoin, on the Polygon blockchain network on Friday. This initiative by billionaire Mukesh Ambani sparked discussions about its potential applications.

no block explorer, no verified smart contracts for JioCoin on Polygon..., yet another scam by Ambani?

This is interesting considering how many people use Jio in the country. Maybe we will finally see some mass adoption of Web3 and crypto in general. Having said that, I do wonder what the use case for this token will be. Usually, these types of tokens are used to reward users for their attention, which can then be redeemed for a variety of services.

For example, the Basic Attention Token (BAT) is utilized by the Brave browser to reward users for viewing advertisements, which can then be redeemed for services or donated to content creators. It will be interesting to see how Jio decides to implement JioCoin within its own ecosystem.