Step 1: Chemical Equation
$CaC_2 + 2H_2O \rightarrow Ca(OH)_2 + C_2H_2$.
Step 2: Identification
The gas evolved is $C_2H_2$, commonly known as acetylene.
Step 3: Nomenclature
The IUPAC name for acetylene ($HC \equiv CH$) is Ethyne.
Step 4: Conclusion
The alkyne formed is Ethyne.
Final Answer:(A)