It is an alternative syntax for set()
>>> a = {1, 2}
>>> b = set()
>>> b.add(1)
>>> b.add(2)
>>> b
set([1, 2])
>>> a
set([1, 2])
>>> a == b
True
>>> type(a) == type(b)
True
dict syntax is different. It consists of key-value pairs. For example:
my_obj = {1:None, 2:None}