Someone asked: What exactly is the EVM, and what does “EVM-compatible” mean?
I usually answer like this: The EVM is a stack-based virtual machine. Each data unit (word) is 256 bits, and the stack has a maximum depth of 1024. Once a contract is deployed, its bytecode is fixed and anyone can view it. Whether the source code is available depends on whether the developer has published it on a block explorer.
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If I missed anything, let me know in the comments.