Which creates a new barebones rust project called "funkyproject". Every dependency specified in it's Cargo.toml will be automatically downloaded at build (if there is a new version).
When a build is sucessful the versions of said dependency will be saved into a Cargo.lock file. This means if it compiles for you, it should compile on every other machine too.
A cargo.toml allows you also to use (public or private) repositories as a sorce for a library, specify wildcard version numbers to only select e.g. versions newer than 1.0.3 and older than 1.0.7 etc.
Because the compiler will show you unused dependencies you never really end up including anything you don't use. In practice this system does not only work incredibly well, but is also very comfortable to use and isolates it self from the system it is running on quite well.
I really wish Python also had something like this. Pipenv is sort of going into that direction, but it is nowhere near cargo in functional terms.