Question
Download Solution PDFReliance Jio Infocomm Ltd. is planning to launch its own cryptocurrency called:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is JioCoin
Key Points
- Cryptocurrency or a digital currency secured by cryptography techniques makes it nearly impossible to counterfeit or double-spend.
- In 2018, India's one of the largest telecom giants Reliance Jio, a wholly owned subsidiary of Mukesh Ambani led Reliance group, is set to launch its own cryptocurrency named as JioCoin. Hence option 3 is correct.
- Many cryptocurrencies are decentralized networks based on blockchain technology.
- Blockchain is a public digital ledger that records transactions or information across computers and this system is nearly impossible to hack or breach.
- Blockchain can be considered as a database in which a list of records is stored in blocks and these blocks are linked with other blocks and are called a blockchain.
Additional Information
- It is not possible to manipulate the data that is already in the blockchain. Hence the blockchain is immutable.
- Unlike a conventional database, using blockchain, we can perform insertion operations only.
- Bitcoin is the first distributed blockchain implementation, it happened in 2008.
- A block in the blockchain cannot have more than one parent block.
- Each block will be stored as a permanent database. We can’t remove or reverse any block from the network.
- Each block has a cryptographic hash of the previous block.
Last updated on Jun 11, 2025
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