Design a Realtime Audio Effects API (DEF-2618)

Description:
Effects such as low pass filter, reverb and delay and compression which can be applied to sounds and mixer channels, either as inserts or sends.
Having a preset compressor/limiter on the master output would be first priority as this will help control the overall mix.
Example: A quadrillion sounds are triggered at once and a Limiter prevents the audio from distorting and the phone from starting a third world war by mistake.
Example: Whenever the game board in candy crush is flooded with soda, a low pass filter is enabled to simulate underwater.

Use case:

Business need: