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Reliance Jio’s Own Cryptocurrency
Reliance Jio’s Own Cryptocurrency : After disruption in the telecom sector with the free offers and very comparative tariff plans… Now they are going to launch their own cryptocurrency called jiocoin . Mukesh Ambani’s elder son Akash Ambani will lead this project of jio coin.
For this Reliance jio plans to build a team of 50 members of young professionals to work on blockchain technology , which is also used to develope applications.
What is blockchain ?
Blockchain is a digital ledger for storing data including , but not limited to financial transactions. In simple words, blockchain decentralises information without it being copied. The information is held through a shared database which can be assessed in real-time.
This database is not stored on physical servers but on the cloud , which makes it easy to store unlimited data. The biggest and most Popular cryptocurrency which is already working on this technology is the bitcoin.
Although bitcoin is yet to be universally adopted and legalized, many industries and leaders are in favour of making it an official for its extremely high valuation.
That’s why the reliance going to develope team of 50 members, who are the professionals in blockchain technology. With the help of them they are going to build their own cryptocurrency , and the team will lead by akash Ambani.
However, all this are in proposal stage only and there is no indication of when reliance will actually come up with their own cryptocurrency.
However, governments around the world are increasing scrutiny of cryptocurrencies are surging prices attract everyone from individual inverters to wall Street banks.
Back home , the finance ministry , Arun jaitley and reserve bank of india ( RBI ) have warned bitcoin users on the risk of such cryptocurrency’s. Jaitley has even said that cryptocurrency is not legalized as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoin, as payments are not authorized by any central bank or monetary authority.
Finance ministry likened bitcoin to Ponzi schemes.
While jio has not commented on the move, the report claimed that ambani’s plan to trap into blockchain technology for smart contracts was still in the proposal stage….As stated above..!