Create README.md

src/alloy/README.md

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+alloy: small dynamic recompiler engine
+===
+
+Alloy is a transpiler framework that allows for pluggable frontends for decoding
+guest machine instructions (such as PPC) and pluggable backends for generating
+host code (such as x64). It features an SSA IR designed to model machine
+instructions and vector operations and compilation passes that seek to efficiently
+optimize previously-optimized code.
+
+Future versions will cache generated code across runs and enable offline
+precompilation.
+
+Frontends
+---
+
+Frontends are responsible for translating guest machine instructions into IR.
+Information about the guest machine and ABI is used to support efficient CPU
+state accesses and debug information.
+
+* PPC64 with Altivec extenions
+
+Backends
+---
+
+A backend takes optimized IR and assembles an implementation-specific result.
+The backend is also responsible for executing the code it generates and supporting
+debugging features (such as breakpoints).
+
+* IVM: bytecode interpreter
+* x64: IA-64 with AVX2 code generator