Jio Coin vs Pi Coin: Which cryptocurrency will have a deeper impact on the Indian digital market?
If cryptocurrency was talked about ten years ago, it would have been a bit difficult to think about it and accept it. But in the last few years, the crypto market has grown rapidly. India has also joined this race now. India has even started its own crypto. Recently, Reliance’s Jio Coin was in the news a lot. After this, on the last day i.e. 20 February, Pi Coin was listed on the exchanges.
Both the coins (Jio Coin vs Pi Coin) are being discussed a lot. However, both are still in their pre-stage. Pi Coin is being seen as a step towards a decentralized digital economy. Where people can mine it from their mobile. On the other hand, there is a plan to make Jio Coin a part of Reliance’s digital ecosystem so that it can be adopted rapidly in India. But their impact can be profound on the Indian digital market.
What is Pi Coin?
The cryptocurrency Pi Coin has been developed by graduates of Stanford University. Mining can be done easily from mobile in this. Users can mine and transact Pi Coin on the special cryptocurrency platform Pi Network. Pi Network provides this facility to users through mobile. Based on its blockchain ecosystem, this platform supports different applications. With this, developers can develop new innovative tools and services.
What is Jio Coin?
Jio Coin, the coin of India’s leading telecom company Reliance Jio, was recently launched. This step is being considered important in the Indian digital and cryptocurrency world. Users can get this token based on Polygon blockchain as a reward by doing different activities. Jio Coin is a digital currency.
However, it cannot be called a cryptocurrency. If understood in simple language, it is the reward token of Reliance Jio. We can also call it digital loyalty point. Users will be able to use it in apps offering Jio service. Talking about buying this coin, it can be earned by shopping on Jio apps. For now, users will be able to use these coins to get discounts in Jio apps. In future, it can take the form of cryptocurrency.
What is the difference
Mining and accessibility
- PI COIN: Smartphone user can mine
- JIO COIN: No public mining
Use in the real world
- PI COIN: Listed on exchanges
- JIO COIN expected to be included in Reliance’s business model
Acceptance and market access
- PI COIN: Transition to decentralized network
- JIO COIN: Corporate support, quick acceptance
Challenges and threats
The biggest risk with Pi Coin is that as soon as it was listed on the exchanges, its price fell. Its price is fluctuating. On the other hand, Jio Coin is completely centralized. It will completely depend on Reliance’s ecosystem.
Other risks associated with cryptocurrencies such as market volatility of coins which can cause a fall and rise in value. Apart from this, there is also a risk of cyber security and cyber attacks. In such a situation, it would be a bit difficult to say who will perform better in crypto in the coming times.
