Did anybody here actually know the detail about the "New IP" protocol? How it works?

I can't read the pay-walled ft.com article, but I been hearing people say "kill-switch" on the topic. If there will be a "kill-switch" builtin in the protocol, does that means the "New network" will be more centralized and thus unstable and bad?

I think if the goal is to connect more devices, why not build a completely decentralized P2P network that is cheap, easy to maintain, and user-friendly?