This key is often simply called Alexa, but that is wrong for two
reasons:
1. simply calling it Alexa would mix it up with the Alexa Toolbar, and
2. it is not a key created by Alexa. It is a Microsoft Internet Explorer key
that points to a Microsoft DLL and a local Microsoft HTML file. The later
redirects to a online MS page, and only that page redirects to the Alexa search
engine.
In my opinion a better way than to delete the key would be to make another
or even multiple search engines available. You can read about the basics for
that in
this discussion (online link) at the support forum.
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