Lunartic is a capstone project from Loughborough Design School student Luke Douglas.
From Makezine …
The aim was to use a hubless wheel to create a compact bicycle, with the benefits of a large wheel and belt drive.Hubless wheels have appeared in bicycle concepts already, and were first invented by Sbarro. However, few concepts have made it to prototype and when only used for aesthetic purposes, the disadvantage of extra cost out weights the visual gain. Lunartic uses the hubless for a reason; to house the working parts, reducing the wheel base but not sacrificing conventional riding geometry. Lunartic is supposed to be as compact as possible without folding or being awkward to ride, however there is the potential for the front wheel to fold up into the rear or for that space to be used for a laptop back, motor or dynamo.