Jio Coin: Is Reliance's Cryptocurrency India's Answer To Bitcoin? Check The Price & Other Details

While the new coin is being hailed as Crypto currency, is it a complete cryptocurrency? The product is an afterbirth of the union of Jio along with Polygon Labs

The new coin is being touted as a cryptocurrency, but is it really a complete cryptocurrency? The product is a result of the collaboration between Jio and Polygon Labs, a leading blockchain technology company. One of the main highlights of the announcement is that Jio Coin can be earned for free.

In contrast to Bitcoin and several other coins, which are based on the crypto technology that makes the coin infinite, Jio coin uses Ethereum level 2 at its back end. Further, the value of the Jio Coin is likely to be determined by the guarantees that Jio offers with it.

Is It a Crypto Currency?

Is Jio Coin a Crypto currency? Jio coin is not a complete fledged Crypto Currency. To put it simply, the coin could be a Crypto Based Reward. It is possible that Jio might offer the currency as a reward point. This is the reason why Jio Users earn Jio Coins for free when they use Jio Services.

How Can You Earn Jio Coin For Free?

The Jio Coin is a reward based token built on the Ethereum Layer 2 Technology. These tokens have been specifically designed to reward users for their use of Jio across different platforms. The reward program is only available for users that have Indian registered mobile numbers.

If you use Jio apps on different platforms Jio users would be able to earn Jio Coins. If you want to earn Jio Coins you can do so by going to Profile section at the Jio Sphere App, which is available on Android, ios, Windows, MAC and Android Tv.

You would further have to apply for the Jio Coins Program and then on you would be able to earn Jio Coins whenever you use the Jio sphere app to browse the web. Or use the internet for watching videos, articles, and play games.

The reward system could possibly be quite similar to that of the credit cards. While Jio has been actively promoting the coins as a reward system there has not been any word as to how a user might be to redeem these said coins. But as per expectation the Jio users would be able to use these coins to avail for discounts. The users would further be able to charge their phones with it or pay for broadband services. So in a way its Jio’s own local currency that can be used across their platforms, but it has been based on a cryptocurrency blockchain type architecture.

Also Read: Jio Coin: Will Reliance’s Cryptocurrency Be India’s Answer To Bitcoin? Check The Price & Other Details