Bushmanov has further requested for helps from other developers to complete the project of reverse engineering. He further writes,
My aim is to make skype open source. And find friends who can spend many hours for completely reverse it.The works has raised some legal concerns. It is still not clear whether he is breaking any laws. It depends on how he has gone through his works. Many claim it to be impossible to replicate a software with clean hands.
Now, most of hard things already done(for 1.x/3.x/4.x versions of skype). Including rc4 and arithmetic compression.
You have unique chance to take a look on skype internal protocol and encryption. You will see what it uses strong AES and RSA encryption with public key infrastructure.