Too Long; Didn't Read
EVM is a lightweight virtual machine that is designed to run various smart contracts on the Ethereum network. It is a high-level abstraction built on a native OS to emulate a physical machine. An EVM can emulate the functions that can be done on a physical CPU. WebAssembly (WASM) is a new type of code that executes on modern browsers efficiently. This new code is created and defined by the World Wide Web Consortium (W3C) and involves engineers from Google, Mozilla, and Apple.