Master Password is very different from other password managers in that it generates strong passwords based upon your master password. However, with their password generating algorithm there is no cloud, no sync or backups. The newly generated passwords are not stored anywhere.
It is able to generate secure and strong passwords for any site or account and will work on all desktops, iPhone, iPad or Android. A feature allows the generation of different password types or PIN.
All that you have to remember is your user name and your personal master password. The time it takes to crack a master password is shown on their site, the weakest being 50 minutes and the strongest being 632 million years. This is with the attacker knowing your password strategy.
So together with your username and master password you generate a master key in conjunction with the simple name of the site you want to access, for instance www.bittrex.com. Then you indicate the password type plus length and the app will generate it for you.
That password will not be stored anywhere so will not be vulnerable to attack. When you want to return to that same site, you simply put in the same information as you did previously and the algorithm will generate the correct password. There is minimal risk of your passwords being stolen and you do not need to put your trust in cloud storage providers either.
So basically your passwords are not stored anywhere and you only get them when you need them. An excellent example of decentralization.