EmuSphere seems to have researched the software the most and has come up with these results:
From what Atani (Author of SegaEMU and many Windows ports) and I have found what we believe is another Sega Dreamcast emulator is fake! This time this around it’s not DCEmu, but DCPC v0.2! 🙂 When Atani sent me an email saying he thought DCPC was fake and that he found the Stars Demo was statically linked, I pulled out my dusty cracking tools and opened it first up in a hex editor! I found that the image was linked statically linked inside the exe, guess Atani’s hunch was right! So that means the Stars Demo screen is only a screenshot, so Stars Demo emulation is fake and the rest of the emulator is fake as no 1st_read.bin is present in the executable! Then I pulled out my resource editor and ripped some images out to prove to everyone that this emulator is fake!

Isn’t this the screen of Stars Demo? Well it’s only an image, no emulation required! 🙂

Here’s the Stars Demo dialog looking for the image! Now do you believe me that it is fake?

Thanks to EmuSphere for the news. I had believed it was not completely real as you may have noticed I did not post it as fast as everyone may have thought. I should of just waited a few days.

On a last note I updated it to its newest version on the left. If you download the newest version you can try and verify it for yourself.