How effective is ioncube as a solution for protecting PHP code from unauthorized access?

IonCube is a popular solution for protecting PHP code from unauthorized access by encoding and encrypting the source code. It helps prevent reverse engineering and unauthorized distribution of PHP applications. However, it is not foolproof and can be bypassed by determined attackers with enough time and resources.

// Example of using IonCube to protect PHP code
// Install IonCube Loader extension on the server
// Encode your PHP files using IonCube Encoder
// Add the encoded files to your server and configure IonCube Loader to run them