Wikipedia
The co-axial escapement was created by George Daniels in 1974.
During the Quartz Revolution and invention of much more accurate timepieces, 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. After much experimentation, Daniels had designed a new type of watch escapement by 1974. The mechanism, which was first unveiled in 1976 and known as the Daniels independent double wheeled escapement a further version which was patented in 1980, was later called the co-axial escapement
Its design avoided the need to add oil to the escapement because the mechanism operated with very low friction. Traditional escapements had to use lubricants but this eventually caused problems with accuracy as oil thickened over time. However, the co-axial escapement used radial friction instead of sliding friction, making lubricants theoretically unnecessary. In practice a small amount of lubrication is used on the impulse and locking surfaces of the pallet stones.
Daniels' mechanism has since been described by some as the most important development in horology in the past 250 years.