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Yes Kent, the 4.2x engine does include a completely new tokenizing system as compared to prior versions.
It is my understanding that KiXtart version 4.5 will be based on the same tokenizing engine, and in addition to tokenizing at runtime, 4.5 will include an SDK, which will allow you to pre-tokenize the scripts prior to runtime.
Of course, pre-tokenizing your code does give you an added measure of security, since code could be protected and passwords could be stored securely.
Hope this helps,
-Brian
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