from official Thales protection guide....
Emulating Protection Keys
To emulate the software of a protection key manufacturer, a software cracker creates an application that replays previously recorded calls, as if an actual protection key is returning the calls.
Limited functionality emulators only record and replay calls. Full-functionality emulators also emulate the key, including its encryption. A software cracker requires access to the encryption key to create a full-functionality emulator.
There are several places in which emulators can reside. Primarily, they are an attempt to replace the driver.
Sentinel LDK Solution
Sentinel LDK provides a secure channel between an application and the Sentinel HL key. Data that passes between the protected application and the key is encrypted. Taking advantage of the secure channel functionality between your application and a Sentinel HL key provides you with the strongest possible protection.
A different encryption key is used in every session. This means that someone recording data passing through the secure channel cannot replay the data, since the encryption key used to encrypt the data will differ from that used to decrypt the data.
DO you understand? you can NEVER emulate with old ways, NOT possible.