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In Ethereum, Ganache is one of the most popular blockchain emulators used for local development purposes.

Is there an equivalent tool for Tezos?

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You can use Tezster-CLI to set up your local sandbox environment. You can use it along with Bundle-react (Like truffle box) to deploy and test.

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You can use Tplus, it's a tool that helps you manage tezos environments ( sandboxes and public nodes ) for use for development on top of Tezos.

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