I think it still works that you can merely navigate in regedit to:
Quote:
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HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\svsvc
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and change the value of key Start from 3 to 4.
Note this simple step does not activate Windows but it should remove the watermark... I don't know if it still works on very recent Windows 10 builds like 1909. There is also a Universal Watermark Disabler app by PainteR you can easily find out there that probably still works.
If you want to reverse it all and crack it yourself, msoobe.exe is a good starting point as its responsible for a lot of the activation code.