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What is Toast?
Toast is an open-source Ripple portfolio, which has been developed to satisfy both experts and novice traders. Toast Wallet was launched in 2017 by StarStone Limited, a company based in Dunedin, New Zealand. This portfolio has gained popularity in the community for being easy to use and light.
Encryption and security of the Toast portfolio
Toast's wallet allows users to set a PIN as the first level of security. It also supports the generation of a 24 word recovery phrase to allow backup of the wallet in the event that the device is damaged or stolen. This information is stored in an open source database called PouchDB, which runs inside the browser for the Chrome plug-in. This software allows you to store data locally when you are offline.
It is also an encrypted backup function, which can be used to synchronize a user's wallet with their devices. The Toast portfolio is open-source, which means that the source code can be viewed and analyzed publicly.
Portfolio data is not stored elsewhere or backed up on the company servers. The Toast wallet is not an online wallet, which means that it keeps all the information in the wallet on the user's device and does not send information to its servers. So technically, a hacker can not get private keys or passphrases if he does not have a server that he can hack. The Toast portfolio only interacts with Ripple Network and nothing else.
So far no hacking attempts have been reported, so the portfolio can be considered secure.
Portfolio limits Toast
A reserve of 20 XRPs must remain in your XRP portfolio and this sum can not be withdrawn. This applies to all Ripple wallets. To be activated, Ripple wallets must have a minimum budget of 20 XRPs, which Ripple Network requires for the activation process.
Wallet fees of toast
The Toast wallet is free and does not charge. But, as mentioned above, a reserve of 20 XRPs is required and this amount is blocked. The reserve is a feature of Ripple Network that is designed to help discourage spam.
Compatible operating systems
Another reason for the popularity of Toast Wallet in the Ripple community is due to its compatibility with a wide range of IOS, Android, Mac OSX and Windows browsers, Linux and Chrome devices.
Customer support for the Toast wallet
The Toast customer support team can be contacted via Discord, email, telephone, online tickets or social media groups (Facebook, Twitter). The support team is very reliable and responsive, which is an advantage when dealing with cryptographic funds and trying to solve a problem as quickly as possible.
Speed
Toast Wallet has been reported to have high speeds, but when there is traffic on the network, longer confirmation times are expected for a transaction.
How to use the Toast wallet?
Step 1: download the app on your PC or device. During the installation process, you will be asked to enter a 6-digit PIN.
Step 2: after entering the PIN, enter a passphrase.
Step 3: Write a 6-word recovery phrase. So you must confirm that you have written your recovery phrase.
Step 4: Now you can proceed and add an account. You can choose to add an existing account or generate a new one. When you generate a new account, you will receive an address that you can use to send your XRP to.
Activate Portfolio
To activate your wallet, you will be asked to send 20 XRPs to the address you just generated. The sending of any amount lower than that, and the payment will return to the sending address.
Verdict
Considering the features and the use of Toast Wallet, it's an ideal option to store XRP, and although you lack XRP-related services like other competitors, if you're just trying to send and receive tokens, this wallet will suffice. .
