It's a a demonstration testnet
which we have running live.
The network is running our canvas-node project ‒ a
simple Substrate blockchain which is configured to include the
contracts pallet (i.e. smart contract functionality).
You can also run the
canvas-node locally on your machine, e.g. if you just want to experiment
locally without having to request tokens via our faucet.
In the Canvas UI you can select if you want to connect to your locally run node or to the live testnet.
See here for how to run a local canvas node.