It is decentralised and globally so. Each close group will have nodes in many jurisdictions. It’s not easy (and maybe not possible) for nodes to completely hide their IP addresses while we use IP at all. Tor does some, but onion routing still has it’s issues and each layer of the onion knows the next and previous.
Clients and route and proxy to the network, which may help there. Nodes can use VPN for some levels of obscurity too.
To be truly IP invisible is likely not possible, so a totally new foundational protocol would need to be created, no NAT, dynamic DNS or similar (real time registration to a name) and much more.