Saturday, 23 June, 2018

JioCoin, Reliance Jio's cryptocurrency to be launched soon

Reliance Jio to develop its own cryptocurrency JioCoin Report Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin
Frank Williams | 13 January, 2018, 02:48

Reliance Jio is Planning Their Own Crypto-Currency Named JioCoin:- New Delhi: Reliance Industries is planning to Launch their Own Cryptocurrency as in the way of to Made JioCoin from their Company.

After Burger King, Kodak, Telegram, and Bank of England, India's fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin. According to the report Akash Ambani, Mukesh Ambani's elder son, will be leading the JioCoin project and plans to build a 50-member team to work on the blockchain technology.

Met Eireann issues 'extensive and dense' fog warning for Limerick
Motorists are advised to take care on the roads this morning as an orange weather warning for fog remains in place until 10am. It will be windy and mostly cloudy elsewhere too with the rain spreading eastwards; some heavy rain is expected by dawn.

Reliance Jio plans to hire nearly 50 young professionals. There are multiple applications of blockchain (for the company). The information held on blockchain can be accessed on a real-time basis. This data is stored on the cloud instead of storing on physical servers. At the same time, Reliance Jio is also planning to make JioCoin its own version. Following this, Reliance Jio is planning to invest in this sector. We can deploy smart contracts. "Blockchain technology would come in handy there", the person said. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. "Loyalty points could altogether be based on JioCoin", the person cited above said, adding that all of this was "in proposal stage". IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Bitcoin is a cryptocurrency and worldwide payment system which is decentralised from a country's official currency. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender. There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money.

"In a notification, the central bank, last month said, ".users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs".

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