I want to create a generative password manager. Generative password managers generate passwords based on seeds such as the master password and the website's URL. In contrast, most password managers store the password in an encrypted file (encrypted with the master password). In this regard, since generative password managers do not store any information, would it be more secure than a normal password manager which delivers an encrypted password file to the user to be decrypted on the client-side? An attacker can theoretically look into the generative password manager's memory and retrieve the generated password. Would this be more difficult than trying to breach a server, steal the password file, and then trying to brute-force it?
Stealing data from the memory is definitely easier than stealing it from an encrypted file. You can take a dump of your memory and then scan it to search the password.
On a side note, I believe the bigger risk here is that there is a very simple mapping between the seed and the password. Also, the seeds seem to be predictable. Once that is compromised, do you have a safety/fallback mechanism to protect other passwords?