How to create Product Keys

I have a product that I would like to require registration for.  How is it recommended to create Product Keys and to check them.  Would I create some sort of encrypted string, then check to see if it matches a particular encryption algorithm?  If so, how would I generate a lot of keys that match the same algorithm?  Any information is greatly appreciated.

Thank you very much.
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You should have a look to the property page of the project. There is among other a tab named "Signing" where you can sign the assembly. If you need a GUID let's use guidgen.exe to generate it.
For registration requierment, have a look to the tab "Publish".
I would recommend to use a 3rd-party product instead of developing a license validation component yourself.

Microsoft has one for .NET:
You can also try CopyMinder:

I hope this helps!

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Éric MoreauSenior .Net ConsultantCommented:
M_LyonsAuthor Commented:
As multiple people gave me good answers I split the points evently.  Thank you very much.  :)
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