To use this cable, simply connect one end to an audio source, then connect the other end to an audio receiver, like a stereo Toslink port.
This cable is bi-directional. It does not matter which end is connected to the audio source.
This cable is compatible with both all Toslink ports and devices. It can be passively split to multiple receivers, but two signals can not be passively merged to a single receiver. It can be passively adapted to a Mini Toslink connector.
Toslink supports a uncompressed stereo PCM audio or compressed audio up to 7.1. It is possible for the source to provide - and the cable to pass - an audio format that the receiver can not decode. This is the most common reason for audio issues with Toslink connections. If you hear either static or silence when using this cable, the format on the audio source device likely needs to be changed.