Just read whitepaper. I'll check in on this project once there they open source the code so I can run my own payment channel hub. Until then it's a centralized system (and even then.. maybe still).

"LiquidChain GmbH plans to operate several Liquidity.Network hubs on top of the Ethereum blockchain building the foundation for instant and cheap transmission of crypto. Anyone however will be able to operate a Liquidity.Network hub once the software is open sourced."