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If I was interested in distributing cracks for HASP 4 protected applications on an individual application / version basis, this is exactly the approach I would use.....Erm, and it is the approach that has been widely used by the scene for many years ;-) (some vendors, I'm thinking iButtons here, make this very easy indeed).
An alternative method is to patch in an emulation routine just beneath the API layer, right where you start seeing the HASP obfuscator in action.
Both methods are effective given the caveat above.
Commercial dongle emulator vendors use the driver for a mixture of reasons, one is certainly the ease of supporting a lot of applications very quickly for customers (registry key configuration), the other is perhaps some future compatibility and also their own protection (a lot of the commercial emulators I've seen are very well protected), for those reasons alone writing a driver of your own isn't that significant an investment of work if you are going to sell a commercial solution.
Regards
CrackZ.
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