- Jio Platforms has launched JioCoin, a reward-based token on Polygon, integrated into its JioSphere browser.
- While some hail JioCoin as a potential game-changer in rewards, critics question its transparency and alignment with blockchain standards.
Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, has introduced JioCoin, a reward-based token, on the Polygon blockchain. The token’s integration was first noticed on January 16, within Jio’s proprietary JioSphere browser, sparking discussions among blockchain and cryptocurrency communities. While Reliance Jio has not officially announced the token’s utility, its potential use case has drawn significant attention.
This came after Jio partnered with Polygon Labs to strengthen its Web3 and blockchain capabilities.
JioCoin currently functions as a reward mechanism for users browsing via JioSphere. Kashif Raza, CEO of Bitinning, speculated that JioCoin could play a broader role in Jio’s extensive ecosystem, possibly allowing users to redeem tokens for services like mobile recharges or purchases at Reliance outlets.
However, questions surrounding transparency remain. Critics are raising concerns over the token’s functionality and legitimacy, including its block explorer availability, transfer verifiability, and compliance with blockchain standards. In fact, the coin is being described as “at best an experimental project.”
Some have drawn parallels between JioCoin and the Brave browser’s Basic Attention Token (BAT). According to the speculations, it could function as a non-tradable reward token designed to align with India’s stringent crypto tax regulations. Defending the initiative, others have framed it as an opportunity to showcase blockchain’s practical utility and position India as a leader in blockchain innovation.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by Harshajit Sarmah.
