What Is Toast?
Toast is an open-source Ripple wallet, which was developed to cater to both experts and novice traders. Toast Wallet was launched in 2017 by StarStone Limited, a company based in Dunedin, New Zealand. This wallet has gained popularity in the community for being easy to use and lightweight.
Toast Wallet Encryption and Security
Toast wallet lets users set a PIN as its first level of security. It also supports the generation of a 24-word recovery phrase to let you back up the wallet should the device get broken or stolen. This information is stored in an open-source database called PouchDB, which runs within your browser for the chrome plugin. This software lets you store data locally when you’re offline.
There is also an encrypted backup feature, that can be used to synchronize a user’s wallet with their devices. Toast wallet is open-source, meaning that source code can be publicly viewed and analyzed.
The wallet’s data is not stored anywhere else or backed up in the company’s servers. Toast wallet is not an online wallet, which means that it keeps all of the wallet’s information on the user’s device and does not send information to its servers. So technically, a hacker cannot get any private keys or passphrases if it doesn’t have a server it can hack. Toast wallet only interacts with the Ripple Network and nothing else.
So far, no hacking attempts have been reported, so the wallet can be considered safe.
Toast Wallet Limits
A reserve of 20 XRP must remain in your XRP wallet and this sum cannot be withdrawn. This goes for all Ripple wallets. In order to be activated, Ripple wallets must have a minimum balance of 20 XRP, which the Ripple Network requires for the activation process.
Toast Wallet Fees
Toast wallet is free to use and does not charge any fee. But, as we mentioned before, a reserve of 20 XRP is required and this amount is blocked. The reserve is a feature of the Ripple Network which was designed to help deter spam.
Compatible Operating Systems
Another reason for Toast Wallet’s popularity in the Ripple community it’s due to its compatibility with a wide range of system devices IOS, Android, Mac OSX, and Windows, Linux, and Chrome browser.
Toast Wallet Customer Support
The Toast customer support team can be contacted though Discord, email, phone, online ticket or social media groups (Facebook, Twitter). The support team is very reliable and responsive, which is a plus when you are dealing with crypto funds and you’re looking to solve an issue as quickly as you can.
Toast Wallet has been reported to have fast speeds, but when there is traffic on the network, longer confirmation times for a transaction are to be expected.
How to use Toast wallet?
Step 1: download the app to your PC or device. During the installation process, you will be required to enter a 6-digit PIN.
Step 2: after entering the PIN, enter a passphrase.
Step 3: Write down a recovery phrase of 6 words. Then you have to confirm that you have written down your recovery phrase.
Step 4: You can now proceed and add an account. You can opt to add an existing account or you can generate a new one. When generating a new account, you will receive an address which you can use to send your XRP to.
In order to activate your wallet, you will be required to send 20 XRP to the newly-generated address. Sending any less than that, and the payment will go back to the sending address.
Considering the features and use of Toast Wallet, it is an ideal option for storing XRP, and although it lacks any XRP-related services like other competitors, if you’re just looking to send and receive tokens, this wallet will suffice.