Polygon Labs, around a week after its partnership with Jio Platforms Limited (JPL) to bring Web3 capabilities into Jio’s ecosystem, made its first integration with Jio Sphere live on Tuesday.
CA Aishwary Gupta, Global Head of Payments at Polygon Labs revealed the launch of native wallet, powered by Polygon Labs PoS Blockchain network, on Jio Sphere.
Jio Sphere, the first Indian web browser developed by Jio Platforms, will have this Polygon integrated wallet where Jio Coins will reside. Though the partnership between the JPL and Polygon was announced last week, it has been revealed that the deliberations and discussions were going on for the past one and half years. Polygon has been closely working with Reliance on finding ways to develop and enable some of the Web3 products into Jio’s ecosystems.
How will users earn Jio Coins
As of Tuesday, Jio Sphere users have begun to notice Jio Coins on their smartphones. The support of Polygon protocol will ensure smooth and efficient transactions for the users.
The token built on top of Ethereum layer 2, listed on Polygon Labs, can be earned by users based on their surfing activities on Jio Sphere.
After earning these Web3 tokens, users will receive their tokens on Jio Sphere.
What are the potential uses of Jio Coins
Though as of now, Jio Coins are non-transferable and non-redeemable, experts suggest that Reliance can use them to create a close-loop economy. Jio Coins’ exact value is still unclear. With the Reliance conglomerate having its mega presence in telecom, energy and details sectors, Jio Coins are suggested to be used for making Jio mobile recharges, payments at Reliance gas stations or for any purchases within the Jio network.
Few have also called Jio Token as the replication of Basic Attention Token (BAT) which is used as a reward by the privacy-focused Brave browser. Speculations are up that JioTokens can be used by the conglomerate for incentivising user engagement – to make it an innovative advertisement model in the Indian markets.
Watershed moment for Indian Blockchain Industry
Considering the fact that the Indian regulatory environment for Blockchain and crypto industry is delicate, the growth prospects of JioCoins remain under shadows. After the WazirX Scam, the Indian government has imposed a 30% tax on gains from virtual digital assets with 1% TDS (Tax Deduction at Source) – highlighting the challenging environment for the development of the Blockchain environment in India.
Nonetheless, this partnership of Jio Platforms with Polygon can be deemed as a watershed moment in the development of Indian Blockchain Industry. Though launched in the challenging environment, the prospects opened up by the entry of Reliance’s Jio Platforms in the crypto space will make Web3 space more accessible and available for Indians, especially for its 450+ million users.
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