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Will this be a lossy or lossless codec or will it be able to do both?

Ghost is also a bad name !!

People might think it's for security because of Norton ghost and what about the file extension? .ghost is already used, please be a little bit more creative and unique A unique codecs deserves a name that rises it apart from a number of other things.

Please add something that reveals that ghost is for audio like: Audioghost or Soundghost And also think of a good file extension and MIME-type right away.