Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, recently launched its reward-based token, JioCoin, on the Polygon network. JioCoin was integrated into Jio’s proprietary JioSphere browser as part of Jio's efforts to enhance its Web3 and blockchain capabilities. It serves as a reward mechanism for users browsing the internet via JioSphere, although Reliance Jio has not clarified the token’s full utility. CEO of Bitinning, Kashif Raza, speculated JioCoin could eventually enable users to redeem it for services like mobile recharges or purchases at Reliance gas stations, potentially creating a significant reward program. However, JioCoins are not transferable or redeemable at this time. Community responses have been mixed, with some raising concerns about transparency and comparability to the Brave browser’s Basic Attention Token (BAT). With regulatory challenges affecting India's crypto landscape, questions about the legitimacy and verification of JioCoin's smart contracts persist, prompting skepticism about its long-term viability.

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