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 previously 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, yet existing methods were plagued by vulnerabilities and fraudulent practices.
Addressing the Legacy of Voting Scandals
The concept for Next Trust gained traction following a major controversy involving the manipulation of voting results in a popular audition program. The scandal, which implicated the 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 highlighted systemic flaws in existing voting mechanisms.
Traditional systems were criticized for their susceptibility to hacking and errors, as well as the delays associated with compiling results. MyStappik seeks to overcome these issues by leveraging blockchain’s core attributes of transparency and security.
How Blockchain Ensures Fair Voting
Blockchain technology operates 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 highly resistant to tampering or hacking. In MyStappik’s implementation, voting data is recorded and disclosed in real time, offering an unprecedented level of transparency.
The security provided by blockchain also enhances the reliability of votes, fostering greater trust in the outcomes of auditions and contests. Since its launch, MyStappik has been utilized in over 40 domestic events, including high-profile competitions such as Miss Korea. The platform has facilitated more than 2.1 million recorded votes and has a membership base of approximately 130,000 users.
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 cast additional votes can purchase paid voting rights. This model, which incorporates a price ceiling of 100,000 KRW, also enables revenue sharing with event organizers while ensuring fairness.
Looking ahead, Next Trust plans to expand its reach into international markets, with a particular focus on Southeast Asia. Leveraging its experience in domestic beauty pageants, the company aims to integrate MyStappik into global competitions, such as the Miss Universe pageant, now under Thai ownership.
Shaping the Future of Transparent Competitions
Next Trust’s blockchain-based solution highlights how technology can transform industries by addressing long-standing issues. By providing a secure, transparent, and user-friendly voting platform, the company is poised to redefine the standards of fairness in auditions and contests, paving the way for broader adoption of blockchain in public-facing applications.
