After Mukesh Ambani’s historic announcement of the partnership with Nvidia, Reliance is now developing ‘JioCoin‘. It’s a blockchain-based coin that rewards users when they use Jio’s services. In this guide, let’s understand the details of JioCoin, its benefits, and how you can earn it.
What is JioCoin?
Firstly, let’s clear the confusion. JioCoin is NOT a cryptocurrency like Bitcoin, Dogecoin, Solana, and others. Instead, it’s a digital coin based on Ethereum Layer-2 blockchain technology. What is the difference between the two?
The value of Bitcoin and other cryptocurrencies is based on their supply and demand. However, the value of JioCoin is determined and controlled by its creator, which is Reliance.
You can trade and sell Bitcoins on any crypto exchange, but you cannot do the same with JioCoin. You can only redeem against services offered by Reliance.
JioCoin is developed by Reliance in collaboration with Polygon Labs, a New York-based blockchain company. The idea of JioCoin is to reward users when they use any Jio service. The more you use, the more you earn.
How to Earn JioCoins?
Currently, JioCoins can only be earned through the JioSphere app, which is Jio’s web browser. When you use the app to surf on websites and perform other tasks, you earn small tokens of JioCoins which are credited to your wallet daily. However, you need to register for the JioCoins program. Here’s how you can do that.
Step 1: Download the JioSphere app from the Google Play Store.
Note: Even though the JioSphere app is available on iOS, the option to earn JioCoins is not available. It is only present on Android at the moment.
Step 2: Go to the profile section in the top right corner. Tap on the Ready to Unlock Rewards banner.
Step 3: Tick the opt-in checkbox and tap on Sign in to Earn.
Step 4: Register using your mobile number. You can use any SIM card from Jio, Airtel, Vi, BSNL, or other operators.
That’s it. You have successfully registered for JioCoin. A digital wallet will be created and linked to your phone number. Your earned JioCoins from the JioSphere app will be directly credited to this wallet.
Jio is expected to bring JioCoin earnings across other ecosystem apps like JioSaavn, JioTV, JioCinema, JioCloud, and more. However, there’s no confirmation on the same.
It is worth noting that Reliance and Jio have not officially announced JioCoin yet. The concept has only been spotted in the public domain of the JioSphere app. Hence, the final and public rollout of JioCoins could be a little different from what it is today.
How to use JioCoins?
Jio and Reliance have not revealed any methods to use and redeem JioCoins. The concept is currently in the beta stage. Jio mentions that JioCoins can be used for savings on transactions, but it does not mention how exactly. We can expect JioCoins to be redeemed against specific paid Jio services for a small discount.
JioCoins is an interesting concept that the company is using to attract more users to its ecosystem apps. It will be interesting to see how Reliance expands it as Mukesh Ambani is already foraying in the AI and blockchain space, as revealed at the Nvidia AI Summit 2024.
FAQs related to JioCoin
Are JioCoins legal?
JioCoins are completely legal in India. Since it is not a cryptocurrency, it does not attract any TDS or any other taxes, as per current rules and regulations.
Can JioCoins make me a millionaire?
JioCoins cannot make you a millionaire. It is not possible to earn real money from JioCoins as it is not a cryptocurrency.
Can I earn JioCoins on an iPhone?
No, you cannot earn JioCoins on iPhone or iOS devices as of now.
The post Reliance Introduces JioCoin: What is it, How to Earn? appeared first on MySmartPrice.