Mukesh Ambani-led Jio Platforms has partnered with internet technology company Polygon Labs. Social media users are excitedly discussing its new venture, Reliance Jio Coin. They are sharing screenshots online. Apart from this, Reliance's tech subsidiary, Jio Platforms has partnered with Polygon Labs to bring Web3 and blockchain technology to India.

Reliance's FAQ section states, "JioCoins are blockchain-based reward tokens that users can earn by connecting to various mobile or internet-based apps decided by Jio Platforms Limited (JPL) using their Indian mobile number."

Jio Coin is the newest project of Reliance Industries. A report by "CoinDCX" said that the company is bringing blockchain technology to India. It is worth noting that the official value of this JioCoin has not been revealed yet, but several media reports say that it could be priced at around Rs 43 ($0.50) per token.

Reliance Jio Coin: Why is it not a traditional cryptocurrency?

JioCoin shares some similarities with cryptocurrencies, but it does not fit the traditional definition. JioCoin is more like a rewards program or digital loyalty points rather than a traditional cryptocurrency like Bitcoin or Ethereum.

JioCoin is an incentive-based program that rewards users for actively participating in the Jio ecosystem. According to several reports, users can earn JioCoins by using various Jio services, such as browsing with Geosphere, streaming on JioCinema, or shopping on JioMart.

Differences

JioCoin is not a traditional cryptocurrency. Unlike Bitcoin and other decentralized tokens that operate on open blockchain networks as investment assets, JioCoin acts as a customer retention tool. Controlled by Reliance Jio, it gives users rewards for using Jio services, such as shopping, streaming, or purchasing products online.