Encryption change is irrelevant.
Nullable's loader works by hooking the ws2_32.dll connect() function in Conquer, and simply modifying the sockaddr values to whatever you have in Loaderset.ini
That's it, nothing fancy.
If you want to create your own launcher there's guide how todo this:
[Only registered and activated users can see links. Click Here To Register...]
Also,
The encryption change you're talking about is just the game encryption key.
New key: C238xs65pjy7HU9Q
What is however interesting is seeing "AFX_CLIENTSECURITY_H__4556C08B_9069_4D74_83AB_94C F9498D606__INCLUDED_%d" after the key.
(yes, i used notepad because real men use notepad -- it was quicker)