In the words of Boss:

The RC-500 is an essential partner for guitarists, singer/songwriters, multi-instrumentalists, and anyone who wants to take their looping to the next level. Craft real-time compositions with two loop tracks, mic and stereo instrument inputs, rhythms, and inspiring Loop FX, all backed by premium 32-bit audio quality. Store loops in onboard memories, and explore expanded operation with external controls and MIDI. Filled with next-generation Loop Station features, the RC-500 gives serious creators the tools they need to develop new ideas and deliver impactful performances that will leave audiences wanting more.