I actually got this proggy back when I was running Win95, and archived it on a Zip disk. It was over my head at the time. And it's one of the only ones highly praised by the writer, who called it 'clever and beautiful.'

I'm taking a second look, and I'm wondering if anyone else has taken a closer look at this protection. It does some interesting stuff with the serial number, but the essay doesn't explain exactly what. It was written back before keygens were 'in vogue' :-)

Has anyone else tried this circa 1996 target?

http://www.woodmann.com/fravia/hr_ferr1.htm