WARM3CH - I agree with you. But Byte code languages like vb, java and c# are having very high level machine code. They are very easy to interpret and understand compared to the x86. Iam talking about something like BOCHS. How about completely transforming the x86 instruction table with another table. for example EB represents JMP instruction. why not change it to 5C in the protected part of the exe and emulate 5c as JMP instruction in the emulator. It is also possible to use different instruction table with each protection. I understand this involves lot of work, but you can do lot of things inside an emulator.

Does krypton uses emulation? he talks about k-execution, k-emulation etc...

Thanks guys for your replies.