Fake Reliance JioCoin website emerges online

Earlier this month, we came across reports that Reliance Jio is prepping to venture into the cryptocurrency market segment. Within days of this report, a fake website has emerged online and is seeking consumer details for registration. The website is reportedly asking for details such as email address and name. The website with the URL reliance-jiocoin.com is fake but is designed to mimic the official Jio website with the icon of Reliance Industries Limited (RIL) that is the parent organization of Jio.

It looks like the fake website has been pulled down as it is inaccessible and even the cached version of the website is not available. According to a report by The Economic Times, the website claims that the JioCoin will be launched at a price of Rs. 100 per coin. Notably, Reliance Jio has not officially mentioned anything about the cryptocurrency business that is booming right now. And, whatever we have come across about JioCoin and its launch are just speculations those remain unacknowledged by the company.

Going by the previous report, sources aware of the purported plans of Jio claimed that a 50-member team of young professions led by Akash Ambani will work on the JioCoin project. These professionals were claimed to be 25 years of age on an average and were said to be involved in working on several products related to the complex blockchain technology.

A possible use of the blockchain technology is to deploy smart contracts other than mining cryptocurrency. It is said that it will find its use in supply chain management logistics or have loyalty points. However, the sources pointed out that all these are likely in the proposal stage.

Notably, the blockchain technology decentralizes information without copying and a peer-to-peer network manages the same. It is possible to access the information held on the blockchain on a real-time basis. The biggest success of the blockchain technology is Bitcoin that gained one of highest valuation in the last year of more than $20,000 per unit.

Having said that a fake website emerged related to JioCoin, we can expect Reliance Jio to let out a word regarding its plans for entering the cryptocurrency market if any.