MIDI (Musical Instrument Digital Interface) was established in 1983 as a cooperation effort between music companies to create a global standard for connecting electronic musical instruments. It uses a serial asynchronous interface with a transfer rate of 31.25 Kbaud. The hardware interface consists of 5-pin DIN connectors and uses opto-isolators to avoid grounding issues. Limitations include its low bandwidth, unidirectional communication, and inability to represent complex musical structures or subtle nuances of sound.