Jio Platforms debuts blockchain-powered 'JioCoin': All you need to know

JioCoins are blockchain-based reward tokens that users can earn for engaging with different mobile or internet-based apps as decided by Jio Platforms

Reliance Jio has partnered with the blockchain technology platform Polygon Labs to mark its entry into blockchain technology. According to Polygon Labs, the partnership aims to integrate Web3 capabilities into select existing applications and services of Jio Platforms. The first service to emerge from this partnership is “JioCoin,” a blockchain-based reward token introduced on the JioSphere web browser.

 

Here is everything you need to know about JioCoin and blockchain technology:

 

What is a JioCoin

 

JioCoin is a blockchain-based reward token that users can earn by engaging with various mobile or internet-based apps designated by Jio Platforms. The tokens are tied to India-based mobile numbers. Jio Platforms stated that the number of tokens credited to a user's wallet and their value will depend on user engagement with Jio apps.

 

How to use JioCoins

 

While the company has not officially disclosed the monetary value of JioCoins or how they may be traded, it is anticipated that the tokens could be used for mobile recharges, utility bill payments, and other Jio services.

 

How to sign up for the JioCoins programme

 

In mobile-centric apps, the sign-up option is available under the profile section. In utility apps, it is located in the top menu within the app. At present, JioCoins are only accessible on the JioSphere web browser, but Jio Platforms plans to extend their availability to other apps, such as JioCinema.

 

What is blockchain?

 

Blockchain is a digital database that stores data in linked blocks across a network of computers. This technology ensures that the stored data is secure and cannot be altered without consensus across the network, making it ideal for maintaining unchangeable records of transactions, including orders, payments, and accounts.

 

Each block in a blockchain contains a timestamp, transaction data, and a cryptographic hash of the previous block. A cryptographic hash is a fixed-length string of characters that represents a larger set of data. Cryptocurrencies like Bitcoin and Ethereum rely on blockchain technology to securely record transactions.

 

What is Web3

 

Web3, or Web 3.0, represents the third generation of the World Wide Web. It is designed to be decentralised, open to all, and based on blockchain technology. Unlike earlier versions, Web3 enables users to control their data and facilitates transparent transactions that are recorded on publicly accessible blockchains.