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Define the APIs expected from the system. This is your chance to analyze and define the read and write paths so that you can come up with the high-level design...
As this is a high read system with no real need of relations, I'll use mongodb and shard it via the long_url field.
Deep dive into 2-3 key components. Explain how they work, how they scale, discuss tradeoffs, capacity, and any relevant algorithms or data structures.