From what I understand, a testnet is just a local (or private) blockchain for developers to experiment on, and TestRPC is/was a specific implementation of a testnet for the Ethereum blockchain?

(I say 'was' because it appears Truffle absorbed TestRPC)

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Testnet is a real network for test purpose similar to the mainnet but with worthless Ethers.

TestRpc or ganache is a blockchain simulator which runs 100% locally which is much much faster than a any other deployment environment making it ideal for testing and development.

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