Millions of people across India are getting much-needed exposure to the world of Web3 through none other than – Reliance Jio, one of the country’s biggest telecommunications providers.
Earlier this week, the company launched JioCoin, a digital token designed to support the company’s wide network of digital products.
JioCoin’s Current Functionality
At the moment, JioCoin does not have a price, cannot be purchased, or transferred anywhere. It can only be generated by using the Jiosphere web browser.
The generated tokens are then stored in a wallet on the Polygon blockchain.
JioCoin’s Potential Uses
While still in early development, people are already talking about the possibilities of JioCoin. Some analysts are speculating that users will be able to pay for mobile phone and broadband internet services, subscribe to different Jio apps like JioCinema, or JioCloud, or make purchases on the JioMart online grocery platform.
Others lean toward discounts and offers, believing JioCoins will be redeemable for discounts on Jio services and products. Furthermore, JioCoin holders could get exclusive access to various offers and rewards.
JioCoin’s Potential Expansion
As is the case with every other cryptocurrency, at one point users will be able to send and receive JioCoins among themselves.
This also opens the doors for merchants and businesses to use the token within a wider network of third parties. Ultimately, with a wider adoption and more liquidity, the token could also potentially be traded on cryptocurrency exchanges.
Reliance Jio is a leading telecommunications company in India, known for its disruptive entry into the market with affordable 4G data plans. It has over 461 million subscribers and primarily serves the Indian market.
Browser-Based Tokens: A Precedent
This is not the first time a cryptocurrency is being tied to a web browser, offering perks and incentives. Back in 2017, the Brave browser introduced the Basic Attention Token (BAT), which users could generate by watching ads in the browser, and spend to tip their favorite content creators.
Today, Brave is one of the most popular browsers in the world, and the BAT token is among the top 200 cryptocurrencies. It has a market cap of more than $330 million, and daily volume of $24 million.
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