With the advent of blockchain technology and Web 3.0 solutions, large-scale businesses and enterprises are taking the go-ahead and entering the crypto market. India’s largest and most popular telecom operator, Reliance Jio didn’t fall back in the race. By launching JioCoin, a blockchain-based reward coin, the company boldly decided to venture further and expand its business outreach by relying on blockchain’s distributed ledger technology. These coins are to be given as a reward to Jio users through the Polygon network. Since it is built on Ethereum’s Layer 2 blockchain ledger, the network is highly stable and more efficient in terms of facilitating transactions and offering optimal data privacy and security.

If you are a Jio user, it’s time to get these crypto tokens as a reward and leverage them further for other purposes. Since the coins are integrated with JioSphere, we have illustrated here a detailed guide on how you can use this web browser developed specifically for Indian users to get access to JioCoins.

What are JioCoins: Definition and Features

JioCoin is the brainchild of Jio Platforms Limited (JPL), a subsidiary of Reliance Telecom, the largest and most prominent conglomerate in India. It is a digital token handled via blockchain technology meant to be given as a reward to Jio users exclusively. So far, the valuation of the tokens has not been finalized. Discussions are still ongoing and in the process. However, it can be speculated that the starting valuation of a single JioCoin token could be $0.5 or INR 43.30 per month. It can help Jio users gain a lot of monetary rewards if they can accumulate enough JioCoins in their built-in Web3-based wallet.

Salient Features of JioCoin

To understand JioCoins further, let’s have a look at its key features.

• Bloackchain-Based Tokens: Jio Platforms Limited (JPL) has collaborated with Polygon Labs to gain access to their blockchain technology. It is developed on the Ethereum Layer 2 blockchain, thereby allowing higher transparency, security, and traceability. Since JioCoins are built on this blockchain network, it is supposed to have a few similar features to that of a cryptocurrency, like facilitation of digital payments, integration with Jio’s digital ecosystem, end-to-end immutability, and many more.
• Rewarded through User-Engagement: Jio users will be able to get JioCoins as a part of a reward program launched to encourage people to use Jio-related services more. Increasing engagement on the JioSphere web browser is the best way to get JioCoins. For instance, watching videos or playing online games through this web browser can help users get rewards in the form of this digital token. Apart from JioSphere, users can also use JioMart and JioCinema to get JioCoins.
• Utility Coin for the Jio Ecosystems: As of now, JioCoin is a utility token designed for specific use case scenarios. They do not fall under the regulations and restrictions usually imposed on security tokens, hence providing more freedom to token holders. However, as per the current scenario, these tokens cannot be traded on any cryptocurrency marketplace or used further for investment. They can be used to access special features and get discounts within the digital ecosystem established by Jio.
• Potentially Higher Security and Transparency: As JioCoins are blockchain-based utility tokens, they are expected to have higher security and transparency. If these tokens are made available for digital transactions, the records will remain safe and immutable through Polygon’s blockchain ledger. Users can have end-to-end transparency on the usage of the JioCoins, thereby boosting responsibility and trust between the token owners.
• Accessible through Web3 Wallet: The JioCoins, once earned, will be automatically stored in the built-in Web3 wallet integrated with JioSphere and other apps used in the Jio ecosystem. This wallet is highly secured and allows users to access their tokens remotely without imposing any additional restrictions.

How to Earn JioCoins as a Jio User?

As a Jio user, you are exclusively eligible to earn and access JioCoin. However, for this, you have to earn the coins through the Indian-based web browser named JioSphere. Below is a brief description of the entire process that will further help you accumulate the coins in your Web3 wallet.

Step 1: Download the JioSphere Web Browser App

You can visit either Google Play Store or Apple Store to download the JioSphere browser application. The app uploaded here is authorized and authentic, thereby ensuring users won’t be exposed to any fraudulent activity.

Step 2: Sign Up to Your Account and Set Up the Wallet

Once the JioSphere application is installed on your phone, you have to sign in to your account. For this, follow the below-mentioned steps.

1. You can sign in to the web browser application using your Jio number.
2. After entering the number, an OTP will be sent. You have to complete this one-time password verification process so that you can be registered as an authentic Jio user.
3. Once you sign in to your account, the Web3 wallet will be automatically created where JioCoins earned further can be stored securely.

Step 3: Engage with the JioSphere Browser

JioCoins will be rewarded to users based on their engagement with the JioSphere web browser. For this, you can perform different activities, like:

1. Reading online articles
2. Watching videos
3. Playing online games
4. Completing the user profiles
5. Clicking on different advertisement and promotional banners
6. Browsing web pages on the search engines
7. Adding different cards to the home screen
8. Using a VPN or accessing web pages through the Incognito mode
9. Customizing settings on the JioSphere app

How You Can Use the JioCoins Earned?

While the exact uses or applications of the blockchain-based utility token in the Jio digital ecosystem have not yet been disclosed, there are potential speculations about them. Below, we have described a few future-based prospective use cases of JioCoins.

• Getting Discounts on Different Jio Services: Users are speculating that the JioCoins earned through JioSphere can be further redeemed to get discounts on different services within the digital ecosystem of the Jio network. This may include recharging mobile phones, paying broadband bills, and taking premium subscriptions to apps like JioCinema and JioSaavn.
• Purchases at Reliance-Based Stores: JioCoins can also be used to make purchases at different retail outlets within the subsidiary network of Reliance. For instance, people can buy groceries from Reliance Fresh or purchase electronics and other utilities from Reliance Smart Bazaar using JioCoins as the payment mode. Apart from this, the coins could also be used at Reliance gas stations.
• Loyalty Rewards: Users having long-term engagement with the Jio network may get rewarded as a part of the loyalty program using JioCoins. It will open an incentive channel for the users, allowing them to gather additional utility tokens in their Web3 wallet.
• Seamless Digital Transactions: Although not yet finalized, JioCoins can allow users to initiate digital transactions on the network seamlessly, without worrying about the stringent regulations and taxation. Whether it’s sending or receiving tokens from others or paying for utility services within the network, these tokens will ease the activities while boosting the transaction speed and efficiency. Additionally, with Polygon’s blockchain network, the coins can be easily scaled to maintain the supply and cater to the growing number of users.
• Potential Investment and Trading Use: Another potential use of the JioCoins will be through trading and investment. Although these are utility tokens and not yet meant for trading on any cryptocurrency marketplace, users are speculating about the possibilities with time. If this venture allows Reliance to create an innovative digital ecosystem based on blockchain and Web3, these tokens may be used for trading and investments.

What are the Concerns about JioCoin Users?

While the potential benefits of JioCoins are truly commendable and promising for a digital future, there are certain growing concerns amongst Jio users. Below we have discussed some of these concerns in brief.

1. Legal Uncertainties: The Indian government has implemented stringent laws and regulations concerning the use of cryptocurrencies and blockchain-based tokens. Although JioCoins are utility tokens with a non-tradable nature as of now, users are concerned if their usage, later on, would create any cohesion with the Indian regulations and laws.
2. Limited Usability: JioCoins are exclusive to Jio users only. If you are not a Jio user, you won’t be able to use these tokens or gain access to the Web3 wallet. Besides, the proposed applications of the digital tokens are confined to Jio’s ecosystem and services. Hence, they won’t allow users to access fiat currencies and cryptocurrency marketplaces.
3. Centralization: Blockchain is a decentralized ledger technology and all the cryptocurrencies and digital tokens in the market are not under any central authority. However, JioCoins will be solely managed and controlled by Reliance and Jio Platforms Limited. This has caused concerns about centralization and the limitations caused by the same, which indeed violate the basic purpose of decentralization.
4. Token Details: Although several Jio users are excited to have digital tokens within the Jio ecosystem, concerns regarding their details cannot be subsided. From token valuation to market volatility, no such information has been disclosed so far. Hence, there is a lack of transparency in the information available to the users.

Conclusion

JioCoins do have the potential to open new opportunities to Jio users in terms of accessing digital services and enjoying the benefits of blockchain-based utility tokens. However, news regarding their market valuation, volatility, Initial Coin Offering, supply volume, and smart contract availability are yet to be disclosed. So, users will need to follow the news and other articles on official platforms to stay updated about the progress of JioCoins and any further disclosures to be made.