The master password has one purpose: unlocking the files or gaining access to the application to change either the files or the settings. In some cases this is the last resort when it comes to accessing the main software, which means you have lost all the passwords, unless the master password can be remembered.
I have tried to contact the developer to obtain an official response, but it's impossible, since the software has been marked as discontinued, because their website/hosting is discontinued as well.
