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.

http://masterpasswordapp.com