JioSphere web browser users are buzzing with excitement over the unexpected appearance of a new cryptocurrency token, JioCoin, built on the Ethereum Layer 2 network and currently listed on Polygon Labs.
Reliance has yet to make an official announcement, but reports said that both Android and iOS users have started noticing ‘JioCoin’ on their devices.
According to the FAQ section on the JioSphere browser, “JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited using their Indian-based mobile numbers.”
It allegedly allowed users to earn Web3 tokens by interacting with various Jio applications, such as MyJio and JioCinema, which are expected to support JioCoin soon.
Users could accumulate ‘JioCoins’ for free just by surfing the internet on the JioSphere web browser, with the tokens being deposited into their Polygon Labs wallet.
In a post on X dated January 17, Indian author Sunil Aggarwal expressed concerns about the transparency of ‘JioCoin’. He questioned the existence of a block explorer, verified smart contracts on Polygon, and any details regarding its supply. Without clarity on these points, he referred to purported cryptocoin as an experimental project.
Speculations suggested that such a currency may be utilised for mobile recharges, utility bill payments, and other Jio services.
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The cryptocurrency continues to face challenges in India, including a flat 30% tax on profits and a 1% tax deduction at source (TDS). There has been security breaches at platforms like WazirX, which have left many users wary.
