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Excellent update.
New version uses the industry standard AES 128-bit. Really quick and very easy to use. Some antivirus software may detect the new version of Palcrypt as virus. That's because Palcrypt is compressed with UPX (a program that is often used to compress virii). This is what is called a "false positive"
Pros: Lots of cryptographic algorithms supported.
Includes tool to encrypt text on the fly.
Cons: Cannot encrypt folders.