Reliance set to launch its own cryptocurrency called 'JioCoin'

Reliance set to launch its own cryptocurrency called 'JioCoin'

After toggling the telecom sector with its attractive free offers along with competitive tariffs, Reliance Jio Infocomm Ltd. is now planning to create its own cryptocurrency –‘JioCoin’.

Reportedly, Mukesh Ambani’s elder son Akash Ambani has been leading the JioCoin project as Reliance Jio plans to build a 50-member team of young professionals to work on the blockchain technology, which will be made in view of developing the applications such as smart contracts and supply chain management logistics.

A company representative stated: “The Company is planning to hire 50 young professionals who are on an average age of 25 years and will be led by Akash Ambani. There are multiple applications of blockchain for the company and the 50-member the team would work on various blockchain products.”

Significantly, Blockchain is a digital ledger for storing data which is not limited to financial transactions. In simple words, blockchain decentralizes any kind of information without it being copied. The information is held on blockchain through a shared database accessible on a real-time basis. The same database is not stored on physical servers but on the cloud which makes it easy to store unlimited data.

The most popular app of the technology has, without any doubt, been cryptocurrency, and Reliance Jio also plans to create its own version called ‘JioCoin’.

Interestingly, Bitcoin and other similar cryptocurrencies have come under the radar of governments across the globe for their soaring prices attracting several speculators and unsophisticated retail investors in droves. This week, Bitcoin dropped 12% which is its lowest since Christmas day.