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Jio Coin: Can We Consider It A Cryptocurrency Or Not?
Jio Coin: A New Entry In The Market
Cryptocurrencies are gaining popularity worldwide, even reaching the areas where it wasn’t functional up to some time. With Bitcoin price rising, the interest in cryptocurrencies is also fueling day by day. And now, we have a new entry in the market – the Jio coin.
Jio Coin Launch By Mukesh Ambani
India’s richest man, Mukesh Ambani’s Reliance Jio Platforms recently partnered with Polygon Labs for the launch of a new coin, known as the Jio coin. This is the first entry of an Indian company into the Web3 and Blockchain universe.
This has created hype, people everywhere are getting eager to learn more about the Jio token. This is because there are ways for them to earn money via this token.
However, there’s been a recent Jio Coin update that has denied considering the Jio coin a cryptocurrency.
Jio Coin – A Cryptocurrency Or Not?
There is no lack of questions that have been raised around the coin. But as per some reports, the Jio coin is a digital token and not a cryptocurrency. It is being considered a blockchain-based digital token, however, calling it a cryptocurrency, at least for now, may not be entirely correct.
What’s The Reason?
Well, blockchain, as we know it, refers to a system for recording transactions, particular to cryptocurrency, on computers that are connected through a peer-to-peer network. It is also known that cryptocurrencies operate on this blockchain technology.
Now, currently, the Jio coins by Reliance cannot be transferred or even redeemed. The users are currently not able to transfer or sell the Jio coins on the market, thus snatching away some of the main characteristics of a digital token from the Jio coins to be referred to as a cryptocurrency.
One may know that the Jio tokens can anyways be used like reward points.
Bottom Line
Those keen to know the Jio crypto coin price should know that the official initial Jio coin price has not been revealed yet. There have been reports doing rounds on the internet, claiming that the Jio price could be Rs.43 per token.
This new launch is also seen as the country’s answer to Bitcoin, with people expecting the Jio coin to bring enough potential to at least give the top crypto a tough fight. The Reliance Jio coin can serve as a domestic alternative to foreign Bitcoins in the near future, if it received enough usage and investment.
