I have tried around using master and slave with VE3. It is important to use the directory manager to set which instruments you are using on which computer, and match it with the licenses on the vienna key, Otherwise you are using a demo license, which only opens a number of times. If this happens a licensing warning window appears on the desk, which cannot go away untill you restart the computer, and which prevents the VE3 service engine from starting properly. This means that one has to transfer and decide which instruments to use on which computer. Let us hope that another solution to this problem will come up soon.
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regarding master/ slave and registration
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It has always worked that way and to me it's working exactly how I would expect it too. I have one master, and one slave setup with VE3. I have all of my licenses on one USB Key. VE3 gives you 3 VE licenses. Although you only need a USB Key on the machines that you will actually load instruments on. So I have two available VE3 licenses if I ever want to expand to other slaves.
So you can connect from your DAW using VE and not need a USB key. The slave then looks for the instruments locally and sends it back to the DAW. Therefore the USB Key needs to be on that slave machine since it is where the instruments reside and are being loaded.
What part of that doesn't seem right to you? If you want to "split" yours up further meaning brass and percussion on one slave, woodwinds on another and finally strings and choirs on a 3rd slave you will need 3 USB keys and to re-arrange the licenses across the Key of your choice. Then you could load all the samples on all 3 boxes if you wanted to incase one dies on you. All you have to do then is take the Key from Slave 1 and put it in Slave 2 (which now has two USB Keys) and you're up and running again until you fix slave 1.
Hope that clears up some things for you.