Reliance Jio plans to launch its own cryptocurrency 'JioCoin'
Reliance Jio Infocomm Ltd on 11 January 2018 announced its plans to create its own cyptocurrency, 'JioCoin'. Mukesh Ambani’s elder son Akash Ambani will be leading the JioCoin project.
| jio coine |
Reliance Jio plans to build about a 50-member team of young professional's with average age about 25 years to work on this block-chain technology, which can also be used to development applications such as smart -contracts and supply chain management logistics(logic).
Team would also work on various block-chain product.
• Blockchain is a digital ledger for store data including financial transactions and more things.
Reliance Jio also aspires to get into Internet of Things . IoT is a network of devices such as smart-phones, wearable devices, home appliances and vehicles that are connected to the internet, which enables these objects to connect and exchange data.
Distributes
• Block-chain distributes information without it being copied.
• Hashing is carried out by different computers. If they all agree on the answer, each block receives a unique digital signature.
• The information is held on blockchain through a shared database which can be accessed on a real-time basis.
• Block-chain distributes information without it being copied.
Blockchain technology
• The Digital records are put together into blocks and then leaped together cryptographically and chronologically into a chain using complex mathematical algorithms. The encryption process is termed as ‘hashing’.
• Hashing is carried out by different computers. If they all agree on the answer, each block receives a unique digital signature.
• The information is held on blockchain through a shared database which can be accessed on a real-time basis.
• This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
• The most popular example of Blockchain technology is cryptocurrency and one such cryptocurrency that has gained momentum in recent times is Bitcoin.
| cryptocurrency 'JioCoin' |
Indian government's take on crypto-currency
Indian government has frequently cautioned the people against cryptocurrencies, stating that virtual currencies are not backed by assets and pose risk such as money -laundering. indian Government does not consider virtual currencies to be le-gal Tender.
A committee under the chairmanship of Secretary, Department of Economic Affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken.
NOTE :-
Bit-coin and other crypto-currencies have come under the scanner of Indian Government as their soaring prices attracted several speculators and retail investors. Seeing the increase in cryptocurrency investments and their uncertainty, various countries including South Korea have reiterated their proposal to ban local cryptocurrency exchange.
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