FLAC stands for Free Lossless Audio Codec. The FLAC project consists of: 
- the stream format
- libFLAC, a library which implements a reference encoder, stream decoder,
  and file decoder
- flac, which is a command-line wrapper around libFLAC to encode and
  decode .flac files
- input plugins for various music players (Winamp, XMMS, and more in the
  works)

What FLAC is:
- FLAC is patent free.
- FLAC is lossless.
- FLAC is designed to compress audio data.
- The compression capabilities of FLAC are extendable.
- The currently implemented compression methods in the reference encoder
  yield streams smaller than shorten.
- FLAC is asymmetric in favor of decode speed.
- FLAC is suitable for archiving.
- FLAC is suitable for streaming.
- FLAC supports fast sample-accurate seeking.
- FLAC has an extendable metadata system.

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