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My host supports both zend and ioncube - is there one which is preferable over the other? For performance perhaps?
Simple said: it does not matter what one because of amount of code encrypted it has zero effect to comparison results. 99.99999% of store code is NOT encrypted.

Anyway majority of users prefer ZEND if available.

The biggest reason folks use ioncube is because their provider does not or will not support/install the Zend Optimizer. Zend installation requires root access to the server, ioncube does not.

Please visit some Performance tests and results

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