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


YES Yado made a good start with this Krypton. I first saw this 'emulation' (ie take the running code out of the exe and put it in the protector code) after analyzing V0.03 a few years ago. Now it appears to be de-riguer for the commercial protectors. Now ACprotect 1.10->1.23 applies the same technique and so will ASprotect 1.31.

I am sure that all commercial protectors reverse engineer each others products and 'share' ideas.

I believe this a good way to go for them because as Alexey Soldovnilov says, and we can see, the lame programmer cannot understand how to really use his investment in software protection to protect FULLY. They don't use encrypted bytes and registered blocks at all, meaning the protector becomes just a packer. So If the protector automatically makes scrambled stolen bytes and code emulation automatically it gives us a little more work to do