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Great!

Your post didn't link directly to Microvium, so I give it here:

What would be involved to create a Electron and/or Node alternative with an engine like this?

Electron is kind of a non starter because the hard part isn't the JS interpreter it's the renderer. Node alternative? Fairly trivial, but then you're missing NPM, and pretty much everything else that makes Node not a toy language.

If by "like this" you mean with snapshotting (e.g. if you prefer snapshotting to bundling https://coder-mike.com/blog/2020/05/15/snapshotting-vs-bundl...), then node doesn't support it because V8 doesn't (yet) support it, but it might be coming!

If by "like this" you mean runs on small devices, maybe check out https://www.neonious-iot.com/lowjs/

I enjoyed the smoke video header on top of your website - I love animations that loop but I can't see exactly where the join is!