Chain tensioner.

Yes it just sits there but it's designed for low speed applications.
I just did some rough calcs and at 60mph the chain is moving around 1200 ft/min

Also, don't think it is designed for different primary and secondary sprockets.

I wouldn't trust it to stay in there at highway speeds.
 
I'm interested to read if anyone has used this on a bike. A few months ago I bought a parts bike from a guy that was using a regular old sprocket as a tensioner (just floating in the chain, like this) and he said his hadn't ever fallen out. Seems like it could be dangerous. Interesting looking though.
 
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