The rings individually rotate on the 2011 concept, in the video he says he had to make some changes to make it practical.
It doesn't actually say but i'm 99% sure the 'new' version (they one the funding request is for) is just two pieces of metal, an inner ring and an outer ring that are permanently fixed together with the PCB in the middle.
The new version looks to be proximity/touch to switch it on.
I don't think it rotates at all, or, if it does it's just a slight twist motion to turn it on rather than a rotation.
He really shouldn't be showing the 2011 design picture. it just going to confuse people.
I completely agree with you - I find it confusing as well. What complicates it more is that I can tell all his "real" pictures are just a machined non-functional mock-up of the real thing - it's just a machined cylinder laser-cut all the way through.
In the "Design from 2011" pic, he says "rings rotate individually" (but does not explain why or to what end). Then under "Ring Clock as part of every day life" he mentions guessing the time before you rotate it. But from looking at the pics in that section (renderings), you're right, it looks like a single rotating piece. However, it's still a bit complex mechanically, since the two pieces need to fit together and have a way to prevent them coming apart. But if the "display ring" just slides over the "PCB base" ring, what holds it in place? What seals the edges? What detects it being turned? The renderings definitely (from my eyes) show the numbers ring being too small to slide of axially, so that mechanism would need engineered.
...which I don't think they have done since the real pics of their actual part are just solid machined cylinders with laser cut numerals.
Sort of like the South Park Underwear Gnomes...
Step 1 - Steal underwear
Step 2 - ??
Step 3 - Profit
These guys haven't figured out step 2 yet