Thus, Jio wants to integrate its communications with Polygon Labs’ blockchain and leverage Web3 technology in both internal operations and external services.
What is Jio Coin and How does it function?
This year, under the leadership of Mukesh Ambani, Reliance Jio, an Indian telecommunications giant, has entered the field of Web3 and blockchain by developing JioCoin, a digital asset that will operate on Polygon. The Bengaluru-headquartered blockchain infrastructure company Polygon will assist in launching new Web3 apps for Jio’s over 450 million users.
This comes after Reliance Industries’ Jio Platforms has partnered with Polygon Labs, which in digital space is the developer arm of the Polygon Protocol. Both firms have been partners for a year, enabling Web3 and Blockchain services to Jio’s customers.
Some of the applications and services by JPL should be integrated with Web3 specifics according to the partnership’s goal. With the help of Polygon platform, it is aimed at delivering new Web3 services for Jio’s millions of customers.
Kiran Thomas, the CEO of JPL, said that it is a big achievement for Jio to gain a partnership with Polygon Labs and called for the organization to be ‘avant-garde in the world of digital’. The team is excited about Web3 and its capabilities with the goal of delivering some of the best experiences online to the user.
Polygon’s founder Sandeep Nailwal also echoed the same and added, “This is the huge step that makes Web3 move forward in India.” We are eager to collaborate with Jio as they get Web3 to the millions of customers.
What is JioCoin?
JioCoins shall be in form of tokens that are to be provided by Polygon’s blockchain for internet surfing through the Jiosphere from Jio Platforms limited browser. From the application point of view, users have been given an option to earn JioCoins by signing into various mobile or internet apps on the Jiosphere browser with their Indian mobile numbers.
To explain, when users engage with Jiosphere the JioCoins they earn are automatically credited into their Polygon wallet relative to web activity. It is still unclear for whom and how exactly JioCoins can be spent or be used, as the company had not disclosed information regarding that, however, there are certain assumptions that Reliance Jio will integrate JioCoins into various services.
Some think that JioCoin will act as a payment service within the environment of Jio some expect bonus or a bartervehement CVS program. If the site Jiosphere enjoy larger community, it can pose a serious threat to the most used web browsers, for instance Google Chrome or Mozilla Firefox.
What are uses of JioCoin?
The synergy is expected to hugely help Polygon attain credibility as a blockchain network in India and bring millions of Jio users to Polygon’s platform. It may also compel other big telecom players like Airtel and Vodafone Idea to come on board Polygon or any other blockchain network in India. This is a big chance for Polygon to tap the users through Jio and get value out of it, through the polygon platform.
Will this regulation make a difference?
JioCoin’s launch may seem to focus attention on the main regulators, namely the RBI and SEBI, who are likely to watch it. Some of the areas of interest for analysis will include; how the JioCoin will be taxed, and the manner in which income tax authorities will undertake to regulate the nascent digital token. SEBI registered research analyst Rohit Singh has said on X that the government could be forced to come up with proper and appropriate laws on cryptocurrencies such as those in El Salvador since Reliance Jio’s entrance into the crypto zone. Jio’s action could trigger the adoption of crypto across the country.
What will become of the crypto world then?
The launch of JioCoin built on the Polygon is regarded as one of the significant trends in the crypto space. Kashif Raza, who owns a website named Bitinning dealing in Bitcoins education also commented on X, ‘The crypto world travels 500 million users and Jio has 470 million only’. When Matt Damon publicly endorsed Jio, the DTH provider, it was reported that it could migrate 400 Million people onto the blockchain within a space of three months. Of course, it took Facebook 15 years to achieve 500 million users, but Jio managed to achieve this within a single year. This is really the great day for all of us in the Web3 industry.’
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