Yesterday I received a new dongle, which is using a brand new technology in dongle, Smart Cards. Vendor is the Chinese Feitian Technologies and the product is Rockey 5.

http://www.ftsafe.com/products/viewproduct.php?p=rockey5

According to FT, the smart card runs an operating system bundled on the card (COS). Storing parts of code into the card and executing them inside the COS make things very complicated for crackers, while Smart card technology is not an easy thing.

I can see in the next year crackers talking in this forum for cryptography and analysis rathen than debugging and reverse engineering.