Coaxial escapement

The coaxial escapement is a type of modern watch escapement mechanism invented by English watchmaker George Daniels in 1976 and patented in 1980. It is one of the few watch escapements which have been invented in modern times. It is used in a few mechanical watch models produced by Omega SA, including the latest version of the Omega Speedmaster ‘Moonwatch’. 
History.
During the quartz crisis, English watchmaker George Daniels accepted a commission from American industrialist and watch collector Seth G. Atwood to create a timepiece that would fundamentally improve the performance of mechanical watches. As a result, Daniels invented the coaxial escapement in 1974 and patented it in 1980. The "Atwood watch" for Seth G. Atwood was completed in 1976.
Technical overview.
The coaxial escapement is a modification of the lever escapement with some features of the detent escapement. One of the few advances in escapement design which have been adopted since the invention of the lever escapement in the 19th century, the coaxial escapement functions with a system of three pallets that separate the locking function from the impulse, avoiding the sliding friction of the lever escapement. This makes lubrication of the pallets theoretically unnecessary and thereby minimizes one of the shortcomings of the traditional lever escapement. In practice, a small amount of lubrication is used on the locking and impulse surfaces of the pallet stones, reportedly to minimize impact corrosion.
Critical virtue.
The critical virtue of the Daniels escapement is the virtual elimination of the sliding friction component; i.e., the sliding of the pallet stones over the teeth of the escape wheel. What little sliding friction remains is due to the impossibility of maintaining an exact tangential geometry throughout the duration of an impulse.
Radial friction vs. sliding friction.
By utilizing radial friction instead of sliding friction at the impulse surfaces the coaxial escapement significantly reduces friction, theoretically resulting in longer service intervals (though many factors influence this including lubricant aging) and greater accuracy over time.
Commercialization.
The escapement was commercialized in 1999 by Omega SA when it introduced the first mass-produced watch incorporating the technology. It is the only other escapement produced at industrial scale, other than the Swiss lever escapement. When it first came to the market as the Caliber 2500, it had an oscillation rate of 28,800 beats per hour (8 beats per second), considered a "hi-beat" movement. But the rate was reduced to 25,200 beats per hour (7 beats per second) in the Caliber 2500C. "While Daniels has recognized the advantages of higher beat movements, he has also noted that they aggravate the problem of sliding friction in the escapement (at the escape teeth and pallets). Higher beat movements produce increased speed and pressure at these critical surfaces."