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There's already a WASM-centric OS in development: https://github.com/nebulet/nebulet

Yup, that's part of where the idea comes from, I would favor more research in this area though.

I case you aren't aware of these, here are some pointers for Burroughs[1], Xerox's Mesa/Cedar[2], Pascal UCSD[3], M-Code[4] and Oberon Juice[5].

[5] - ftp://ftp.cis.upenn.edu/pub/cis700/public_html/papers/Franz97b.pdf