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...but maybe someone can explain to me how this code
constitutes an operating system?
I checked the Github page. Nowhere did it say that it is an operating system.
Think of that as the init process, the only "userspace" component of this project. Instead of forking new processes to run system services like a real OS, it just paints the framebuffer red.
The actual "kernel" is defined in runtime.asm, where you can see the syscalls declared, although the only even remotely meaty part of this project is loader.asm, which loads a rust executable into a virtual address space.