.NET is a managed application framework designed to run on the Windows OS, introducing several core concepts including the Common Language Runtime (CLR), the Common Type System (CTS), and garbage collection. The platform has evolved through various versions, providing support for multiple programming languages and ensuring memory management and application isolation via application domains. Assemblies in .NET serve as versioned, secure, and deployable units of code, addressing issues of backward compatibility seen in traditional Win32 DLL files.