I have 2 codeigniter installs running on the same server.
the first app is : localhost/aa/index.php second app is : localhost/aa/invoice/index.php
$config['encryption_key'] = 'epitome';
The encryption_key configuration name will be the same for both the application folders.
encryption_key
Path to change the encryption_key in codeigniter is application/config/config.php Line number 228.
application/config/config.php