Jio Platforms has introduced a new reward token called JioCoin on the Polygon blockchain network.
Jio Platforms has introduced a new reward token called JioCoin on the Polygon blockchain network. The launch has sparked discussions among users regarding its potential applications, though the company has not yet provided official details about its utility.
On Jan. 16, users on the social media platform X observed the integration of JioCoin within JioSphere, Jio's proprietary web browser.
This development follows Jio's recent collaboration with Polygon Labs, aimed at enhancing its offerings with blockchain and Web3 capabilities.
JioCoin is designed as a reward mechanism for users who browse the internet through JioSphere. Despite this functionality, JioCoin is currently neither transferable nor redeemable. Observers have noted that its value might become clearer as it operates within Jio's extensive ecosystem, which connects numerous businesses.
Kashif Raza, CEO of Bitinning, speculated that JioCoin could eventually be used for services like mobile recharges or purchases at Reliance gas stations.
However, the introduction of JioCoin has not been without criticism. Sunil Aggarwal, an author and crypto analyst, raised concerns regarding the token's transparency and legitimacy.
He questioned whether JioCoin has a block explorer or verified smart contracts on the Polygon network. Others have compared JioCoin to the Basic Attention Token (BAT) used by the Brave browser, suggesting it may serve a similar purpose in India.
The launch comes amid strict regulatory conditions for cryptocurrencies in India, which include a 30% tax on gains and a 1% tax deduction at the source.
Jio Platforms serves over 450 million users, making it one of India's largest mobile network operators.
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