demo/js/parse-markdown-pure.js
function parse(md, prevLinks) {
  var tokenizer = /((?:^|\n+)(?:\n---+|\* \*(?: \*)+)\n)|(?:^```(\w*)\n([\s\S]*?)\n```$)|((?:(?:^|\n+)(?:\t|  {2,}).+)+\n*)|((?:(?:^|\n)([>*+-]|\d+\.)\s+.*)+)|(?:\!\[([^\]]*?)\]\(([^\)]+?)\))|(\[)|(\](?:\(([^\)]+?)\))?)|(?:(?:^|\n+)([^\s].*)\n(\-{3,}|={3,})(?:\n+|$))|(?:(?:^|\n+)(#{1,3})\s*(.+)(?:\n+|$))|(?:`([^`].*?)`)|(  \n\n*|\n{2,}|__|\*\*|[_*])/gm,
      context = [],
      out = '',
      links = prevLinks || {},
      last = 0,
      chunk,
      prev,
      token,
      inner,
      t;

  function tag(token) {
    var desc = TAGS[token.replace(/\*/g, '_')[1] || ''],
        end = context[context.length - 1] == token;
    if (!desc) {
      return token;
    }
    if (!desc[1]) {
      return desc[0];
    }
    context[end ? 'pop' : 'push'](token);
    return desc[end | 0];
  }

  function flush() {
    var str = '';
    while (context.length) {
      str += tag(context[context.length - 1]);
    }
    return str;
  }

  md = md.replace(/^\[(.+?)\]:\s*(.+)$/gm, function (s, name, url) {
    links[name.toLowerCase()] = url;
    return '';
  }).replace(/^\n+|\n+$/g, '');

  while (token = tokenizer.exec(md)) {
    prev = md.substring(last, token.index);
    last = tokenizer.lastIndex;
    chunk = token[0];
    if (prev.match(/[^\\](\\\\)*\\$/)) {}
    // escaped

    // Code/Indent blocks:
    else if (token[3] || token[4]) {
        var language = token[4] ? 'poetry' : token[2].toLowerCase();
        chunk = '<pre class="language-' + language + '">' + '<code>' + outdent(encodeAttr(token[3] || token[4]).replace(/^\n+|\n+$/g, '')) + '</code>' + '</pre>';
      }
      // > Quotes, -* lists:
      else if (token[6]) {
          t = token[6];
          if (t.match(/\./)) {
            token[5] = token[5].replace(/^\d+/gm, '');
          }
          inner = parse(outdent(token[5].replace(/^\s*[>*+.-]/gm, '')));
          if (t === '>') {
            t = 'blockquote';
          } else {
            t = t.match(/\./) ? 'ol' : 'ul';
            inner = inner.replace(/^(.*)(\n|$)/gm, '<li>$1</li>');
          }
          chunk = '<' + t + '>' + inner + '</' + t + '>';
        }
        // Images:
        else if (token[8]) {
            chunk = "<img src=\"" + encodeAttr(token[8]) + "\" alt=\"" + encodeAttr(token[7]) + "\">";
          }
          // Links:
          else if (token[10]) {
              out = out.replace('<a>', "<a href=\"" + encodeAttr(token[11] || links[prev.toLowerCase()]) + "\">");
              chunk = flush() + '</a>';
            } else if (token[9]) {
              chunk = '<a>';
            }
            // Headings:
            else if (token[12] || token[14]) {
                t = 'h' + (token[14] ? token[14].length : token[13][0] === '=' ? 1 : 2);
                chunk = '<' + t + '>' + parse(token[12] || token[15], links) + '</' + t + '>';
              }
              // `code`:
              else if (token[16]) {
                  chunk = '<code>' + encodeAttr(token[16]) + '</code>';
                }
                // Inline formatting: *em*, **strong** & friends
                else if (token[17] || token[1]) {
                    chunk = tag(token[17] || '--');
                  }
    out += prev;
    out += chunk;
  }

  return (out + md.substring(last) + flush()).trim();
}
function parse(md, prevLinks) {
  var tokenizer = /((?:^|\n+)(?:\n---+|\* \*(?: \*)+)\n)|(?:^```(\w*)\n([\s\S]*?)\n```$)|((?:(?:^|\n+)(?:\t|  {2,}).+)+\n*)|((?:(?:^|\n)([>*+-]|\d+\.)\s+.*)+)|(?:\!\[([^\]]*?)\]\(([^\)]+?)\))|(\[)|(\](?:\(([^\)]+?)\))?)|(?:(?:^|\n+)([^\s].*)\n(\-{3,}|={3,})(?:\n+|$))|(?:(?:^|\n+)(#{1,3})\s*(.+)(?:\n+|$))|(?:`([^`].*?)`)|(  \n\n*|\n{2,}|__|\*\*|[_*])/gm,
      context = [],
      out = '',
      links = prevLinks || {},
      last = 0,
      chunk,
      prev,
      token,
      inner,
      t;

  function tag(token) {
    var desc = TAGS[token.replace(/\*/g, '_')[1] || ''],
        end = context[context.length - 1] == token;
    if (!desc) {
      return token;
    }
    if (!desc[1]) {
      return desc[0];
    }
    context[end ? 'pop' : 'push'](token);
    return desc[end | 0];
  }

  function flush() {
    var str = '';
    while (context.length) {
      str += tag(context[context.length - 1]);
    }
    return str;
  }

  md = md.replace(/^\[(.+?)\]:\s*(.+)$/gm, function (s, name, url) {
    links[name.toLowerCase()] = url;
    return '';
  }).replace(/^\n+|\n+$/g, '');

  while (token = tokenizer.exec(md)) {
    prev = md.substring(last, token.index);
    last = tokenizer.lastIndex;
    chunk = token[0];
    if (prev.match(/[^\\](\\\\)*\\$/)) {}
    // escaped

    // Code/Indent blocks:
    else if (token[3] || token[4]) {
        var language = token[4] ? 'poetry' : token[2].toLowerCase();
        chunk = '<pre class="language-' + language + '">' + '<code>' + outdent(encodeAttr(token[3] || token[4]).replace(/^\n+|\n+$/g, '')) + '</code>' + '</pre>';
      }
      // > Quotes, -* lists:
      else if (token[6]) {
          t = token[6];
          if (t.match(/\./)) {
            token[5] = token[5].replace(/^\d+/gm, '');
          }
          inner = parse(outdent(token[5].replace(/^\s*[>*+.-]/gm, '')));
          if (t === '>') {
            t = 'blockquote';
          } else {
            t = t.match(/\./) ? 'ol' : 'ul';
            inner = inner.replace(/^(.*)(\n|$)/gm, '<li>$1</li>');
          }
          chunk = '<' + t + '>' + inner + '</' + t + '>';
        }
        // Images:
        else if (token[8]) {
            chunk = "<img src=\"" + encodeAttr(token[8]) + "\" alt=\"" + encodeAttr(token[7]) + "\">";
          }
          // Links:
          else if (token[10]) {
              out = out.replace('<a>', "<a href=\"" + encodeAttr(token[11] || links[prev.toLowerCase()]) + "\">");
              chunk = flush() + '</a>';
            } else if (token[9]) {
              chunk = '<a>';
            }
            // Headings:
            else if (token[12] || token[14]) {
                t = 'h' + (token[14] ? token[14].length : token[13][0] === '=' ? 1 : 2);
                chunk = '<' + t + '>' + parse(token[12] || token[15], links) + '</' + t + '>';
              }
              // `code`:
              else if (token[16]) {
                  chunk = '<code>' + encodeAttr(token[16]) + '</code>';
                }
                // Inline formatting: *em*, **strong** & friends
                else if (token[17] || token[1]) {
                    chunk = tag(token[17] || '--');
                  }
    out += prev;
    out += chunk;
  }

  return (out + md.substring(last) + flush()).trim();
}
Parse Markdown into an HTML String.