This is probably because your security software (anti-virus, anti-malware, firewall) has blocked some components of Prayaya V3, here are some solutions to it.
NOTE: Please make sure that Prayaya V3 is installed in (Copied to) the root directory of the partition.(X:/PrayayaV3/...) and also make sure that you run it with administrator rights before doing the following steps:

1. Restart your PC and reload Prayaya V3 (it works sometimes);
2. Add Prayaya V3 to your anti-virus or firewall white/trust list;
3. Disable the security software and firewall temporarily;
4. Delete the file v3core.sys, it is located at C:\WINDOWS\SYSTEM32\DRIVERS by default.
5. For Windows Vista and 7 users, make sure you disable the User Account Control (UAC)
6. Reinstall and launch V3;.
If you still have problems after doing the above, please copy Prayaya V3 to another PC and launch it.
In some rare conditions, it also happens that Prayaya V3 may work on another PC but fails on your PC due to computer hardware or configuration difference.
Note: If you see the popup of the security software when launching Prayaya, please allow/trust it to continue. If you neglect it, most of the security software will block it by default. This may cause the same error.