Version 7 (RoboForm Online Account)
In version 7, there is a Master Password and a RoboForm Online Account (comprised of a user ID and password).
The RoboForm Online Account password is used to authenticate the user with the RoboForm server, while the encryption key is derived from the Master Password. Users can opt to have the Master Password and the RoboForm Online Account Password be the same, although it is not recommended.
To access RoboForm via the web or mobile apps, Version 7 users need to enter their RoboForm Online username and password, and their Master Password.
Version 8 (RoboForm Account)
In RoboForm 8, the separate RoboForm Online Account User ID and Password have been combined into a single RoboForm Account using your email and the Master Password. The encryption key is derived from the Master Password and never leaves the client device. The authentication hash is generated from the Master Password using a different algorithm.
To access RoboForm via the web or mobile apps, Version 8 users need to enter their RoboForm Account email and Master Password.