As of 3.8.4 PL2 and 4.0.0 PL1, the license is no longer used to generate the security token. Instead, it uses a randomly generated hash called COOKIE_SALT which can be found at the top of functions.php. You can use this code to generate the security token:
PHP Code:
$time = time();
$securitytoken = $time . '-' . sha1($time . sha1($userid . sha1($salt) . sha1($cookie_salt)));
(Hint: $logouthash == $securitytoken)