A Toad Snapshot* is basically an offline file. It stores the state of your database schema structure at any given moment in time. Besides being useful for documentation purposes, it can also be accessed when using the Schema Compare** feature in Toad for Oracle.
This is a companion discussion topic for the original entry at https://blog.toadworld.com/what-is-a-toad-snapshot-and-why-should-i-use-it