A coin pegged to a basket of Top 10 cryptos? That's going to be very difficult to track for one, for the other cryptos pop in and out of the Top 10 (are talking Market Cap I assume?) all the time. For the other, some are only there due to market manipulation. I think it's a great idea, but that does need to be tested first.
We do not consider binding to the top 10 crypto currency, but due to the cross rate to the dollar, based on the level of capitalization and taking into account the share of each of these currencies in the total basket.
It is not so difficult to do this.
Having attached to the API of such a site, for example,
https://coincap.io/, you can calculate the average balanced value of the MNC value to the dollar at any time.
Having a weighted average indicator of the current value of the MNC to the dollar and the estimated value of the value of the MNC, the algorithm of Minexbank will analyze the deviation of the current price from the estimated price, and will react with a change in the discount rate for "parking" operations. On the current changes in the discount rate, the market will learn through the notification in the personal offices of users and holders of the MNC in real time. If the current price of the MNC goes down, the discount rate will increase, taking into account the speed of deviation, thus encouraging some market participants to refrain from selling, while other market participants will increase the interest rate to buy. Conversely, if the current price of the MNC goes up.
This algorithm does not seem too complicated for us
