Interview with the Chief Technical Officer OF SHORTEX – Svyatoslav Zadorozhny
Svyatoslav Zadorozhny has more than 10 years of experience in IT. We decided to do an interview with Svyat and share all the insights about the crypto industry with our users and readers.
– Hello! Thanks for taking the time to talk with us! Please, tell us about your background.

Hello. My pleasure. Have been in IT for 10 years, I started as a regular developer, for the last 4 years I have been working in the leadership positions. The main background is high load and big data projects, mainly in fintech and digital sphere. I created an auction from scratch for the purchase of advertising for the top # 1 RTB company in the Russian Federation, where I experienced what a high load is and what problems it brings. After, two years ago, I became a technical director of a large crypto-exchange, where I met with the crypto industry. Later decided to start something on my own and this is how SHORTEX started. I am actively developing in the management area and application of Agile approaches, certified Scrum-master. Now I also actively advise technical teams on the topics of engineering practices, high load architecture, DevOps and the use of the right tools in the right place. Mainly - top banks in the Russian Federation and eCommerce projects.

– What standards should the modern exchange comply with in your opinion?

Everything is standard here, no need to invent anything, we take metrics from the best services in fintech. Mostly from banks and apply it. More specifically: high throughput, a large number of requests, a secure circuit, the security of wallets and systems from several levels (cold-warm-hot), encryption inside the application circuit and database. 2FA for users, convenient UI and UX, 24/7 support.

– How to avoid and defend against attacks?

Attacks are inevitable, this must be understood. You need to protect yourself from DDos with trusted vendors, such as Cloudflare. Wallet security must be implemented with several loops and the generation of hot-warm wallets. Use multi-sign on crypto wallets and do not put all your money in one wallet, recent hacks on exchanges show this (Bittrex, IDAX). Even the founder or CTO should not have access to all the funds of the exchange, it is ideal to create a system for generating wallets on the fly and quickly transfer funds between them, Shortex has this.

– How is SHORTEX different from other exchanges?

The short answer is flexibility.

1 - we provide free colocation near our servers for active hft-traders.

2 - we create and quickly change our API at the request of traders, the client can be sure of individual support 24/7.

3 - we have optimized our process of integrating new blockchains and crypto wallets to our exchange, I can say that now the cost of integration is the lowest on the market , it is very convenient for customers who want to list their coin on our exchange.

4 - we are drastically improving our backend Pts quickly, last year there were 3 big releases, next year there will be several more. Well, the important part is about security and support for current users.

5 - we use the best AML provider, we check almost every input and address on the exchange, this guarantees that stolen money doesn't get on the exchange and withdraw to suspicious addresses.

Also, I can be proud of our support team, the average response time is less than 10 minutes, we answer 24/7 and our NPS is 76%.

– And what, in your opinion, is the most important stat for cryptocurrency exchanges?

Available pair liquidity, quick I / O, and at least 99.95 SLA

– How to put together an amazing team for your project?

The most important rule is to set an ambitious goal. Many engineers want to work for companies like Amazon and Google. And what are the attributes of these companies? Multiple growth and 10 thousand (!) releases every day. Therefore, all services should strive for this. Our engineers implemented the exchange version 2.0 in 3 months, in the coming months we should at least release 3 major releases, and I believe that our team will cope with this for this purpose. The main thing in work is quick feedback and drive.

– What are your plans on expanding the number of users on the platform?

In fact, users come if there is an interesting token / coin on the exchange for trading. New projects that we are scrolling through greatly increase the growth of new users, so the short answer is to leaf over more interesting projects and promising coins.

– What is the ideal scenario for developing the exchange for the next twelve months?

1 - update our core functionality in order to reduce the round trip of placing an order to 1 ms, this will allow you to compete with top exchanges in speed and attractiveness for large traders.

2 - improve matchability to support 10k-100k RPS trading requests

3 - update our API for maximum trading convenience; ideally, the time from registration and trading should take minutes

4 - release the functionality of margin trading and leverage in trading for retail traders

5- speed up the process of integrating new blockchains. We are now the cheapest in this, we want to be even the fastest

6 - create a trading terminal for aggregating data from top exchanges

7 - one secret project

– What advice would you give someone who wants to establish an exchange right now?

  • 1 see an interview with the creator of EXMO, he talks about the launch price of a new exchange and mistakes there

  • For a technical platform not to reinvent the wheel and use the services of a vendor, now there are many turnkey solutions. For instance, Shortex provides some of the services

  • Prepare a lot of money for liquidity

  • Invest in a legal aspect. Your exchange has to be transparent

  • Invest in the support and operational team of the exchange. The exchange is an operating system 24/7, you need support, legal tips, security auditors and people responsible for the financial part

– What were the biggest challenges you had to face and what you needed to really prepare for an ambitious project?

There were many problems - on all fronts.

Released a new version of the backend, faced with the difficulties of switching to a new high-load infrastructure, had to find and connect professionals from the top 3 banks in the Russian Federation

To integrate the new blockchains and coins quickly and most importantly cheaply, I had to develop a universal architecture, configure and automate the integration processes, and develop competencies in our account team, they are great.

Huge efforts had to be put into creating the best support and the team responsible for financial security. Automated most of the processes and set up the collection of metrics - and the quality of the product has grown.

The creation of a convenient legal framework is still ongoing, in the world of the crypto industry there are a lot of nuances in this part, we have to solve problems very quickly that you do not even suspect at the very beginning of the project, but I am very glad that our team is doing everything.

The most important thing to solve all the difficulties is a team of professionals who have fire in their eyes. This is a key factor. If there is an ambitious goal, then the team is ready at least during the release to spend the night in the office (real case) and invest in the product to the maximum.

– In your opinion, what features are important for modern users of cryptocurrency?

All decisions in cryptocurrencies (wallets, exchanges, services) lack two things

1 - understanding of your target audience. The days of crypto enthusiasts are over, you need to make adoption for ordinary users, and there you already segment according to the directions and problems of the audience

2- Lack of UX. We need an example with the best fintech projects. N26 - fast, convenient, understandable to the younger generation. MEW, coinpayments - uncomfortable, incomprehensible, very difficult, unclear. Transferring money or paying with crypto should be as easy as transferring money through a personal account in a bank.

A good UX example - robinhood.

– What do you think the cryptocurrency will look like in the next 5-10 years?

We are waiting for the adoption from top corporations (IBM, for example) and the active participation of the state in regulation. Crypt is an asset, it must be regulated.

Well, stable coins should appear that are provided not only by supply and demand on the market like USDT, but also by some existing non-crypto assets. Many are trying to solve this problem, but here the point with regulation is important.

– Do you think that mass adaptation to cryptocurrencies will be implemented in the near future?

Yes, if there is regulation and all permissions (SEC) and the services will be created as convenient as possible for the mass user. And I repeat, you need to create services in which crypto translation will be as simple as fiat. We make software for generation Z, tell us why it is better - fast, almost zero commissions, no cross-borders - and here it is a popular product that everyone uses.
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