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NoneLuac is the Lua compiler. It translates programs written in the Lua programming language into binary files that can be later loaded and executed.

luac is the Lua compiler. It translates programs written in the Lua programming language into binary files containing precompiled chunks that can be later loaded and executed.

The main advantages of precompiling chunks are:

  1. Faster loading;
  2. Protecting source code from accidental user changes;
  3. off-line syntax checking.

Precompiling does not imply faster execution because in Lua chunks are always compiled into bytecodes before being executed. luac simply allows those bytecodes to be saved in a file for later execution. Precompiled chunks are not necessarily smaller than the corresponding source. The main goal in precompiling is faster loading.

Precompiled chunks are not portable across different architectures. Moreover, the internal format of precompiled chunks is likely to change when a new version of Lua is released. Make sure you save the source files of all Lua programs that you precompile.