Though India has strict regulations on using and trading cryptocurrencies and digital tokens, they are legal in the country. Besides, it highlights the country’s long-term goal to enter the global DeFi market and become one of the top players in the crypto industry. It is a blockchain-based digital token developed on the Polygon network, which runs on the Ethereum Layer 2 blockchain. Being one of the influential conglomerates, this strategic move is said to bring innovation to Reliance‘s digital ecosystem.
These coins are exclusive to all Jio users. If you are a registered user, acquiring JioCoins will be much easier. Although no certain news has been released on its use, speculations are already in the air regarding the currency to be a utility token. With this being said, we have prepared a step-by-step guide on how to acquire, store, and use the JioCoins.
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What are the Key features of JioCoins?
As JioCoin is a promising cryptocurrency for beginners, let’s start by exploring its salient features. These will help you gain a deeper understanding about the currency and the long-term goals of Reliance per revolutionizing India’s digital economic infrastructure.
1. Blockchain-Based Entity
JioCoins have been developed on India’s native Polygon network. It runs on the Ethereum Layer-2 blockchain, thereby offering numerous benefits, including:
- Lower transaction costs
- Higher transaction speed
- Uncompromised speed
- Improved data security
- End-to-end immutability
Besides, Polygon Labs has already proven its standing in the Indian crypto market with its native coins, MATIC. So, the collaboration with Reliance Jio will certainly create a prospective future for JioCoins.
2. Available as a Part of User Engagement Rewards
Jio users can acquire JioCoin by engaging themselves in different activities on JioSphere. It is a web browser exclusively developed for Indian communities. Performing different activities, like playing online games, streaming videos, and surfing the web through this browser will help users acquire more JioCoins in their wallets.
3. Exclusive for Jio Ecosystem
As per the news, the proposed JioCoin exchange will allow users to leverage the coins for accessing different services and utilities within the Jio ecosystem. From paying broadband bills and recharging mobile phones to shopping in Reliance retail stores, JioCoins may become the future digital currency for all these transactions.
4. Potential for being Highly Secured and Encrypted
There is no doubt that JioCoin will capitalize on Polygon network’s inbuilt security and encryption features. Most beginner crypto users remain concerned about fraudulent activities that put their holdings at stake. That’s why Reliance Jio decided to use a blockchain network known for its high security and improved efficiency.
5. Integrated with Web 3.0 Wallet
Also, the built-in JioCoin wallet is based on Web 3.0 technology, meaning it is based on blockchain’s distributed ledger technology. Besides, it will give the users more control over the usage and management of the digital tokens once they are in circulation for public use.
6. Can be Scaled on the Polygon Network
As the JioCoins are developed on the Polygon network, users can expect the coin supply to be scalable enough to meet the increasing demand in the future. Reliance aims to use the robust blockchain infrastructure of Polygon Labs to circulate its digital currency and make the tokens available for all Jio users.
How to Get JioCoin as a Beginner?
Most Jio users are now concerned about how to buy JioCoin and whether there will be any dedicated platform for the same. According to the recent updates, these digital tokens can be earned through JioSphere, the web browser developed only for Indians. Below we have illustrated a brief crypto tutorial on how to acquire the JioCoins using the web browser of JioSphere.
Step 1: Download the JioSphere Application
Users will have to download the JioSphere application on their phones. It is available in both Google Play Store and Apple Play Store, meaning both Android and iOS users will be able to access the software. The app is free to download and no charges will be incurred.
Step 2: Completing the OTP Verification Process
Since JioCoins are solely for the Jio users, you will have to complete the verification process to sign in to your account. Once the application is downloaded, you will have to enter your registered Jio mobile number. An OTP will be sent to the given number. Entering the One Time Password will complete the verification for you being a Jio user and you will be logged in to your account.
Step 3: Engaging in Different Activities to get the Reward
If you are wondering how to buy JioCoin, the answer is simple: “Start engaging with JioSphere”. In other words, you have to perform different activities on this web browser to get rewarded with the tokens. For instance:
- You can play online games and as a reward for winning the matches, you will receive JioCoins.
- Reward programs are there for users who will complete the setup process for their profiles and keep the details optimized.
- Similarly, if you use a VPN or set up an Incognito mode for browsing, you will be rewarded with JioCoin.
- Streaming online videos will also make the users eligible to acquire digital currency from Jio Platforms Limited.
- Surfing web pages and searching on the web browser is another way to get digital tokens.
Where to store JioCoins securely?
Reliance has ensured every user has a dedicated JioCoin wallet where they can store the tokens for further use. It is based on Web 3.0 technology, meaning it is developed on the blockchain network offered by Polygon Labs. Hence, users can securely store their coins in wallets without having to worry about cyber issues or fraudulent transactions. Once you sign up to JioSphere after completing the one-time password verification process, the wallet will be automatically created. All the coins that you will earn through the web browser will be stored in this JioCoin wallet. On top of this, many are speculating that the wallet will be made accessible within the entire Jio ecosystem so that users can use the coins for different apps and services without any restrictions.
In what ways JioCoins can be used?
Since JioCoins are still in their beta testing phase, no definite news about their applications has been released. However, investors and users are already speculating about its real-time usage based on the preliminary announcements made by Reliance Jio. So, below we have explained a few ways in which you may use the digital tokens in the future once it is released into the market in a full-fledged manner.
1. Receiving Discounts on Jio-specific Services
One of the major applications of JioCoin will be that the tokens can be used to receive discounted services within the Jio ecosystem. For instance, the subscription fee for JioCinema may have a discounted price if the payment is done through JioCoins rather than any other currency. Apart from this, users are expecting that significant discounts and rebates will be given on other services, like the installation of Jio Fiber, shopping through JioMart, and many more.
2. Buying Things at Reliance Stores
You can buy different products from Reliance retail stores using JioCoins during checkout. It can be household items from Reliance Smart Bazaar or dresses from Reliance Trends. Using JioCoins for these purchases may help you earn points that could be redeemed further for exclusive benefits. However, it’s primarily a speculation since no news has been released regarding the same.
3. Facilitating Seamless Digital Transactions
JioCoins will play a significant role as a cryptocurrency for beginners by allowing them to embrace digital tools for seamless transactions. Influenced by Reliance’s policy of financial inclusion, these coins will be available to any Jio user, regardless of their economic status or occupation. Hence, low-income people can also enjoy the benefits of this digital currency without any hassle.
4. Plausible Investment and Trading Opportunities
Although JioCoins have been declared as utility tokens as per the current scenario, there may be prospects for investors and traders in the future. In other words, Reliance may announce that the coins can be used for investments and trades on the JioCoin exchange platform, thereby paving glorious opportunities for both retail and organization investors.
5. Recharging Mobile Phones and Paying Broadband Bills
Users can easily use JioCoins to recharge their mobile phones or pay the broadband bills for JioFiber. All they have to do is log in to their JioCoin wallet and use the accumulated tokens to pay for the transaction. As the coins are circulated on the Polygon network, all the related digital transactions will be more efficient and secure.
6. Shopping Online on JioMart
Also, users may be allowed to use JioCoin for shopping for groceries, household items, and other products online from JioMart. This will eliminate the hassles of integrating UPI IDs with the application and the extra platform fees charged on conventional financial rails.
Conclusion
With this detailed crypto tutorial, Jio users won’t have any more confusion about the way to acquire or store the JioCoins. However, you should remember that the coin is still in the beta testing phase and no definite news about its real-time usage and scope has been released by Reliance. Hence, it’s better to look for more updates concerning JioCoin through official news and articles.
