Next Trust, a blockchain-focused startup, has introduced an innovative platform designed to ensure fairness and transparency in voting for audition programs. The platform, known as MyStappik, applies blockchain technology to address issues of vote manipulation, a problem that has already undermined public trust in such competitions.
The company was founded in 2019 by Lee Min-jae, a former international fund manager. Lee explained that his exposure to blockchain technology during his financial career inspired him to develop a service that could have a tangible public impact. He noted that as audition programs grew in popularity, the need for reliable real-time voting systems became critical, but existing methods were rife with vulnerabilities and fraudulent practices.
Addressing the consequences of electoral scandals
The concept of Next Trust gained traction following a major controversy involving the manipulation of voting results on a popular audition program. The scandal, which involved producers of Mnet’s Produce series, revealed how voting results were altered to predetermine winners and losers. This manipulation led to significant legal consequences for those involved and exposed systemic flaws in existing voting mechanisms.
Traditional systems have been criticized for their vulnerability to hacking and errors, as well as delays associated with compiling results. MyStappik seeks to overcome these issues by leveraging blockchain’s key transparency and security attributes.
How blockchain ensures fair voting
Blockchain technology works through a distributed data storage system that encrypts records and stores them across multiple computers rather than a single central server. This decentralized approach makes it very resistant to tampering or hacking. In the MyStappik implementation, voting data is recorded and disclosed in real time, providing an unprecedented level of transparency.
The security provided by blockchain also improves the reliability of votes, promoting greater confidence in the results of auditions and competitions. Since its launch, MyStappik has been used in over 40 national events, including high-profile competitions such as Miss Korea. The platform has facilitated over 2.1 million registered votes and has approximately 130,000 members.
Revenue and expansion plans
Next Trust’s revenue model includes platform usage fees and the sale of additional paid voting rights. While participants receive one free vote per day, users who wish to vote more can purchase paid voting rights. This model, which incorporates a price ceiling of 100,000 KRW, also allows for revenue sharing with event organizers while ensuring fairness.
In the future, Next Trust plans to expand its presence in international markets, with a particular focus on Southeast Asia. Leveraging its experience in domestic beauty pageants, the company aims to bring MyStappik into global competitions, such as the now Thai-owned Miss Universe pageant.
Shaping the future of transparent competitions
Next Trust’s blockchain-based solution highlights how technology can transform industries by solving long-standing problems. By providing a secure, transparent and user-friendly voting platform, the company is poised to redefine standards of fairness in auditions and competitions, paving the way for broader adoption of blockchain in public-facing applications .
