At it’s core, Node.js is actually a stripped-down, extremely customizable server engine — a proto-server, for those who will — since out of your box it does not do anything till you set it up. This proto-server processes inside a loop, ready to accept and respond to requests. Any of these requests themselves may possibly initiate other requests to some other component with the program, such as to study a file off of disk or to send a signal to spin a motor on a robot arm. That loop, called the occasion loop, will be the “runtime” aspect.
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