V-Ray uses a "floating" licensing system which basically means you obtain a license through the V-Ray License Server, which will need to be installed on your machine. The V-Ray License Server requires one or more hardware keys called a dongle(s). The dongle looks similar to a flash drive or a thumb drive but does not operate the same way.
At vray.us, we provide you with a PREPROGRAMMED dongle for your license. The dongle is included in the purchase price of your product (IE: V-Ray for SketchUp or V-Ray for 3Ds Max). We will ship your dongle from our location in Lee's Summit, MO.
*NOTE: Phoenix FD uses the same floating licensing system as V-Ray.