Midnite-Rises - Images with transparent "see through" areas

[Brahmanathaswami]

I've been studying that graphic novel that is touted as a testimony for 
LiveCode's platform: Midnite Rises, teaser/trailer for the game by the 
same name.

The underlying principles for delivery seem simple enough. It looks like 
two or three 2D images are on layers and as you swipe slowly, the 
algorithm is to move the top layer left to right (or right to left) at a 
higher speed (say 3x) than the second layer (which moves at 2x) and the 
first/background layer (which moves at 1 x)

This gives the fascinating illusion of depth, although each layer is 
pure simple 2D illustration. The transparent areas of the top layers 
reveal background image objects, very similar to the human visual 
experience if we move left to right... very cool

QUESTIONS:

1) Is my assumption correct that these are just three images on top of 
each other on an LC card?
2) If so, how does one set up the transparent "look through" areas of 
these images?

Seems this is a "thing" now... as lots of displays and web sites built 
for mobile are doing this same algorithm -- top layer with transparency 
moves quickly, underlying layers that "show through" move at a different 
rate(s)

Brahmanathaswami