Hi Ed,
As I work with Microsoft on my project I am learning a lot about activation processes, COA* stickers, activation codes and sales channels. The way the sales channels work is Microsoft has defined the sales channels by the types of customers that are addressed and the rate at which feature updates are provided. Microsoft has Partners that distribute the software and these distributors are different for each channel.
The consumer/pro channel sells software in a retail package with some form of media containing the ISO image and the loader software. The retail package will also contain a COA* sticker with the activation code on it. Each item sold has a unique sticker. When you try to use the software on multiple machines it does not activate on any after the first one. (I think I am remembering this correctly) This may show up as a message "This is not a genuine MS product" or just not activate. The Pro software is sold in the same manner thru the retail channel. This is a weekly or monthly feature update channel as well as very frequent security updates.
The second channel is the Enterprise channel. In this channel large numbers of copies are sold to the companies with IT departments that install and activate the OS. The IT department gets a large number activation codes and applies them to the computers as they are installed but I was told there will not be an activation code visible. In some cases there are hundreds of activation codes left over after all the Enterprises computers are loaded with the OS. This is where things get a bit murky. The copy of the software (the ISO file) is a genuine copy of the OS purchased by the enterprise. The activation codes that are sold outside of the company are legitimate activation codes, when used by the company but these codes are not for sale. In fact they are not supposed to use them outside the corporate environment because the activation server is at the enterprise company's IT department and every so often all the computers go 'reactivate' using this server and software. I am not even certain that the original activation was not done that way. So yes you can get a Genuine copy of the Microsoft ISO file for your OS. Yes, you can get an activation number that works (for now) but you won't get a COA* sticker, with or without an activation code on it. So you do not have a license as the sticker is the license. The updates, both security and features occur something like monthly but the IT department can hold the updates for a longer period to validate them (updates must be run every six months at least.)
The IoT activations follow along with this process but the details are different. Very different. Since many IoT devices are not connected to the internet, Microsoft has a longer time between updates available for the IoT devices. The OS with LTSB at the end has a maximum feature update interval of 10 years! In fact Microsoft says that NO feature updates will occur for the life of the build. So if you buy the LTSB 1809 (September 2018) there will be no required feature updates and the OS will be supported until 2029. If you get the 2004 (April 2020) The feature OS will be feature stable until 2030. There will be frequent security updates but these are only loaded if the LTSC OS gets on the internet. Even then the update period can be set to an time when no one is playing. The authenticity of any system containing this software is indicated by a COA*, with no activation code on it, displayed prominently on it.
So the el cheapo copies of Windows 10 Pro are genuine and will activate but they are not legal because the COA* sticker will be missing or they will be counterfit.
Caveat Emptor,
Thomas
COA = Certificate of Authenticity. The ones without numbers are call 'license' stickers.
IoT = Internet of Things