A version of a blockchain used for testing. A testnet has many of the same software features as the main blockchain, except that its token has no monetary value. The fundamental distinction between testnets and ‘real blockchains’, also known as a mainnet, is that anyone who desires Testnet coins can get them for no cost.
The method of trading coins on the Testnet is identical to that of exchanging coins on the regular network. The procedure is as follows: blocks are mined, coins are generated as a result of the mining, users are sent Bitcoins by other users, the transaction is recorded on the blockchain, blocks of transactions are mined, and so on. Testnet coins are used by both beginners and developers who are testing new Bitcoin-based programs to generate transactions on the Testnet blockchain.
A wallet address is the destination to which people send cryptocurrency. It is derived from the user’s public key.