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I've never used one in a QTP context - I *think* you'd be ok obfuscating a .vbs library file.
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Not true. QTP does not know how to unpack the obfuscated lib file. Search the forum, as this has been discussed and whined about many times. If you don't want to share you *.vbs code, then write custom DLLs. And if you don't want to share you *.vbs libs, please find another forum to ask for help writing your secret code, as this forum is setup to share ideas <u>and</u> code.