What Is Toast Wallet?
Toast Wallet is an open source cryptocurrency wallet for the Ripple payment system, which is also known as the XRP cryptocurrency. It’s a viable wallet for anyone who uses Ripple or the XRP cryptocurrency. The latest update on Toast Wallet came on June 3, 2018, as he continues to work toward being a cross-platform wallet that is both simple and safe for all Ripple users.
Who Is Behind Toast Wallet?
Unfortunately, the Toast Wallet website has almost no information on the people who created it or are currently running it. The only information is that Toast Wallet is the creation of a software startup company called StarStone Limited, which is based in New Zealand.
StarStone also has limited information on its website. The site lists StarStone’s director as Richard Holland, although a Google search on him turned up little information aside from an address. On the bright side, the address is legitimate and appears to be on a relatively nice street in New Zealand. The StarStone website also includes a certificate that shows it is indeed a registered corporation as of July 2017.
Other than that, there is little information that can be found about StarStone Limited other than the fact that they are a software company have one app called Toast Wallet, both of which we already knew. The only other piece of information on the StarStone website is a couple of sentences expressing their hope that Toast Wallet grows into a “respected cryptocurrency brand” and that it helps to grow the StarStone brand.
How Toast Wallet Ripple (XRP) Crypto Storage For iOS, Android, PC, Mac & Linux Works
As mentioned, Toast Wallet is an open source wallet. The website directs visitors to the full source code on the site Github, which adds a sense of legitimacy to Toast Wallet. It’s also compatible with virtually every kind of device, including iOS, Windows, Android, Mac, and Linux, which is another obvious benefit.
Toast Wallet also claims that the platform will always be free for users, insisting they will never charge people for making withdrawals or deposits from their wallet. The only caveat is that Toast Wallet users must keep 20 XRP in reserve, so their account can never drop below this number. Of course, other Ripple wallets also have a minimum reserve of 20 XRP. Toast Wallet, however, is hopeful that they will be able to at least lower the amount that needs to be kept in reserve at some point.
From a safety standpoint, Toast Wallet is accessed by each user via a secure PIN. Toast Wallet uses also have a recovery phrase to remember in case they forget their PIN and need to reset it. If users are unlucky enough to forget both their PIN and recovery phrase, they won’t be able to access Toast Wallet and will lose the digital currency in their wallet. Thus, users are given the option to create a backup copy of their wallet upon first setting up the app.
At the moment, Toast Wallet is a little short on features. The only real feature allows users to interact with one another, sharing information and advice. According to its website, Toast Wallet has every intention of providing more XRP-related services that will help to enhance the user experience. However, until that happens, Toast Wallet remains light on features outside of its most basic function as a cryptocurrency wallet for Ripple users.
Toast Wallet Verdict
For cryptocurrency users who have purchased or plan to purchase the XRP digital asset or are intrigued by Ripple, Toast Wallet is an option worth exploring. A lack of features, not to mention the dearth of information about StarStone Limited, should give one a little bit of pause. However, both StarStone and Toast Wallet seem as credible as any other startup.
One thing we do know with a good deal of certainty is that Toast Wallet should be safe to use. It works only on the Ripple Network, so it’s of little use to hackers even if they were to learn your PIN. Perhaps more importantly, Toast Wallet appears to be looked at positively by those within the Ripple community. For all intents and purposes, Toast Wallet is as viable as any other XRP wallet.