It looks like telehash aims to be a substrate for building p2p apps. It basically solves addressing and NAT for you which are always the first things you have to deal with in a p2p system on the public internet.
So my understanding of that is that TeleHash is something of a cross between BitTorrent and Tor. Theoretically it allows for a totally distributed Internet. Though it looks like the implementation is rough, so it's hard to say how well-defined the protocol is.