Forget Bitcoin, India Might Soon Get JioCoin – A New Cryptocurrency

Akash Ambani is expected to Lead the Jio Coin Project, Team will have approximate 50 members

India might soon get its own Cryptocurrency as JioCoin. According to the recent reports, Reliance Jio Infocomm is planning to enter the blockchain technology market with its own cryptocurrency as Jio Coin. According to the reports, a team of 50 members will work on the same project and the team will be helmed by Akash Ambani – the elder son of Mukesh Ambani. If this will happen then the launch of JioCoin will give a new wave of growth to the company. Recently Arun Jaitley in the Parliament informed that the Cryptocurrency is not a legal Tender in India.

With Blockchain, the information is decentralized without being copying. The information is stored in Blockchain database and it is a shared database and can be accessed on a real-time basis. This shared database is stored on Cloud instead of physical servers. With the cloud storage of data, it becomes easy to store unlimited data.

Jio Coin & Plans of Jio

The company has not shared any information regarding the Jio coin and the launch date of Jio Coin.  According to Live Mint reports, Reliance Jio is also planning to get into the IoT (Internet of Things). With IoT, the Blockchain technology will become handy. The Internet of Things is a network of physical devices such as smartphones, vehicles, appliances which enables these object to exchange and connect data. Cryptocurrency is the most popular application of technology and Reliance Jio is planning to create its own cryptocurrency as JioCoin.

What is Cryptocurrency

Money in a digital form is called as Cryptocurrency or in other words it is a digital money which is designed in such a way that it remains secure in many cases. This currency is associated with the internet that uses Cryptography. Cryptography can be understood as the process in which the legible information is converted into uncrackable codes which are further used to track transfers and purchases. Bitcoin was the first Cryptocurrency and it is still the best-known cryptocurrency. Bitcoin was created in 2009.

Cryptocurrency in India

Currently, there are 8 cryptocurrencies that are sold online. This cryptocurrency includes – BTC(Bitcoin), ETH(Ethereum), XRP(Ripple), LTC(Litecoin), BCH(Bitcoin Cash), GNT(Gamco Natural Resources Gold & Incm Trst), MIOTA and OMG(OmiseGO). Out of all these BTC or the Bitcoin is the costly one.

Source: Live Mint

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Navkiran Deora

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