[https://github.com/mozilla/shumway] [https://en.wikipedia.org/wiki/ActionScript]
[https://github.com/mozilla/shumway] [https://en.wikipedia.org/wiki/ActionScript]
The AS3 spec, compiler and runtime/VM are all open source, have been since at least 2008 IIRC. Details are in the wikipedia page you linked, third paragraph.
Aside: discussions of Flash or its legacy have an unfortunate tendency to get derailed by FUD, so it would perhaps be useful to avoid speculation like this where possible.
I definitely agree it'd be hugely useful, and wish it would happen, but I kind of doubt we'll ever see it.
Yes, it may find a niche subset of Flash content it can do well, but there have been many attempts at Flash replacements, and all of them have failed, including serious ones with corporate backing like Shumway. Another cool one is Lightspark [1]
The only real chance at 100% preservation of Flash content is for Adobe to open source all of it - the VMs, the runtime including the graphics, etc. - and to compile that.