Reliance Jio Infocomm Ltd. is planning to launch its own cryptocurrency called:

Question

Question

This question was previously asked in

RRB ALP CBT I 30 Aug 2018 Shift 3 Official Paper

Answer 1

The 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.