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How are the passwords I store on myVidoop protected?

I am concerned about the security of the passwords that I store with Vidoop. I heard that other services like yours encrypt the passwords before sending to the server. As I understand it, I enter a password, and the myVidoop server encrypts and stores it.

Is it true that no one else can access my password? What about people who work in the server room? If someone had access to the database key couldn't they reverse engineer the password?

Please tell me more about how your encryption system works, and who has access to the key.
 
happy I’m secure
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