Coaxial cables have been used to run digital audio signals for many years, and have been added to the AES specs (AES3-id). How is coax different from twisted pairs? What are the distance limitations? What trade-offs are made going from digital twisted pairs to digital coax? These questions are all answered in this paper including a discussion of baluns, which are used to convert from one format to the other.
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https://aes2.org/publications/elibrary-page/?id=11273
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