Reliance Jio : what is Reliance JioCoin/acryptocurrency India

What is Reliance jiocoin/ cryptocurrency

To know what is reliance jiocoin/cryptocurrency first you have to know about bitcoin.bitcoin is similar with jiocoin ,bitcoin is a cryptocurrency and worldwide payment system  It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain

According to a report, Reliance Jio Infocomm is planning to create its own cryptocurrency, Jio Coin. Launching its own cryptocurrency Jio Coin is being seen as another attempt to bolster the Jio Money business of the Jio ecosystem, while also enhancing users’ consuming on Jio offers. The new bet, a Mint report claims, is that company hiring a 50-member team of young professionals will work on blockchain technology(recorded in a public distributed ledger called a blockchain), which can also be used to develop applications such as smart contracts and supply chain management logistics, which is being lead by Ambani's elder son Akash Ambani

The report comes at a time when Bitcoin has taken a major hit worldwide after South Korea reiterated a proposed ban on such venues, fuelling concern that a crackdown will erode one of the world's biggest sources of demand for digital currencies. Loyalty points could altogether be based on JioCoin,” said one of the Jio employees to LiveMint.the company is also experimenting with AI and IOT to determine how technology can help boost the entire Reliance offerings Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too. Thus, cryptocurrency JioCoin might be just the tip of the big project

In India, Reliance Jio is the first Indian company to launch its own cryptocurrency JioCoin, which could potentially encourage other companies,particularly in India’s oil/energy and financial sectors to follow the same path.