New Delhi: After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cryptocurrency, JioCoin.
With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said on condition of anonymity.
The blockchain is a digital ledger for storing data including, but not limited to, financial transactions. In simple terms, blockchain decentralizes information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
The most popular application of the technology has undoubtedly been cryptocurrency, and Reliance Jio also plans to create its own version called JioCoin.
“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the person cited above said, adding that all of this was “in proposal stage”.
An email sent to Reliance Jio seeking a response remained unanswered till press time.
“Reliance Jio also aspires to get into the Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.
Let’s first discuss the advantages of JioCoin or any other cryptocurrency.
- Security of money is a major concern these days. We often heard the news of money being stolen from credit cards & debit cards. Blockchain technology uses public key & private keys to keep your funds safe from hackers.
- With cryptocurrency, you can send funds to any country in the world with minimal fees. If you see, it is really hard to send some dollars to a person who is located outside the India and transaction fees is really crazy. With cryptos like JioCoin, it becomes extremely easy to send money that too almost instantly! No government can track the status of your transaction. So it is completely anonymous, that’s why many bad boys out there are using it for illegal purposes (which I would not prefer to mention here).
- Crypto can make you rich! Yes, this is the main reason why people are getting involved in Bitcoin stuff lately. Proper research & investment is a good coin can really make you super rich.
JioCoin Price in India
In its initial days, we can expect the price of 1 JioCoin to be in the range of few paise. Considering the popularity of Jio, the coin may hit the moon within weeks.
How can I Buy JioCoin Online?
It is possible that Jio launches their currency on apps like JioMoney wallet. You can then spend the amount on your wallet to purchase JioCoins. After few days it might become available on bigger exchanges like Bittrex, Finance, Cryptopia and many other.
Caution! Are Jio Token & Jio Coin the same?
IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue.
“A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.
If you like this content and want to connect with us then please subscribe our newsletter. and please follow us on social networks. and Stay connected with Softmunch.com