Evolution
The Alt key has come to replace the Meta key of the old MIT keyboards. In their original function, both Alt and Meta would set the high bit of the signal generated by the key to 1 (for example, A generates 01000001 while Alt+A generates 11000001). However, in modern software, due to the requirement of the high bit for internationalisation, Alt no longer works in such a way.
Since the 1990s Alt has been printed on the Option key on most Mac keyboards. Alt is used in non-Mac software, such as Unix and Windows programs, but in OS X it is always referred as Option key. Option key's behaviour in Mac OS X differs slightly from that of the Windows Alt key (it is used as a modifier rather than to access pull-down menus, for example).
Read more about this topic: Alt Key
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“The evolution of sense is, in a sense, the evolution of nonsense.”
—Vladimir Nabokov (18991977)