Polygon Labs, the firm behind the widely used Polygon blockchain, recently announced a partnership with Mukesh Ambani-led Reliance Jio Limited as part of the latter’s efforts to introduce Web3 elements on its existing services. This week, a new crypto token, called JioCoin, started appearing on the telecom operator’s JioSphere browser app. The reward token appears to have been silently rolled out, with neither Jio nor Polygon having shared any details about the feature. Meanwhile, the JioSphere browser sheds some light on how JioCoins will work.
JioCoin Token Available on JioSphere for Android and iOS
JioCoin tokens are currently listed on the JioSphere app for iOS and Android. These tokens will be arriving soon for desktop version of the browser soon, according to the JioSphere website.
The JioSphere app for Android reveals that the company will issue JioCoins as reward tokens, which can be collected to earn rewards. The app also reveals that users with an India-based mobile number will be eligible to receive JioCoin tokens.
JioCoins seen in the JioSphere app for Android (tap to expand)
Photo Credit: Screenshot/ JioSphere
Users can view details about the new JioCoin under the ‘Profile’ section on the JioSphere app — it is located under their username. It requires users to sign in to the browser, using their phone number.
The JioCoin tab shows zero balance for new sign-ups. Its description reads, “Engage with JioSphere to see the rewards roll in!”. Gadgets 360 was able to verify the presence of the feature on JioSphere for Android.
Tapping on this tab will redirect users to the JioCoin Wallet page. Each wallet appears to be assigned with a unique address comprised of alphanumeric characters and numbers. The wallet page also says that JioSphere users can unlock rewards for engaging with the browser. These reward tokens can later be redeemed to “save on transactions”, according to the details included in the app.
JioSphere has become the first app from the the telecom giant to be equipped with a wallet that can store JioCoins. As users engage with the browser and earn rewards, these tokens will be deposited in their designated wallets. “The value of the tokens is also determined bases user engagement,” the FAQ page for JioCoin says.
For now, there’s no word on how users can redeem their JioCoins, or whether they can be traded like regular cryptocurrencies. More information on the subject will be available shortly within these in-app wallets, according to the FAQ page.
The Role of Polygon’s Blockchain
The blockchain firm told Gadgets 360 on Tuesday that it its Polygon blockchain is powering the integration of these Web3 wallets with JioSphere. “Polygon Labs is excited to announce its first integration with Jio Platforms Limited. This marks a significant step in bringing Web3 capabilities to Jio’s ecosystem and is just the beginning of many transformative products in the works,” a spokesperson said in a prepared statement.
According to Aishwary Gupta, the global head of payments at Polygon, this partnership with Jio is one of its biggest in the country to date. Jio and Polygon announced their partnership on January 16. At the time, the blockchain firm announced that Jio is looking to introduce features that rely on Web3 technology, on its existing services that are available to over 450 million users.
