In this algorithm you have multiple leaders, where a leader can be in charge of a particular object temporarily by "stealing" it. This brings control to the datacenter that needs it, reducing latency.
It's an interesting idea, and I haven't fully absorbed the paper. But I'll comment on it anyway. It's always easier to criticize when you're ignorant of the details :)
In general, I don't like these algorithms that only guarantee a partial ordering. In other words, instead of having a single global total ordering of all transactions, you have an ordering of operations that apply to a single object or key or a related group of keys. This means you can't know if object A got updated before object B. You can't know the total state of the system as of a snapshot in time, or as of the moment a node membership change happens. (Maybe. There might be workarounds for these issues, at the cost of some complexity.)
This paper is a good contribution, but we ain't there yet.