The 'Bicymple' resembles a unicycle, but with the addition of a front wheel, a frame, and handlebars.
Its maker, Josh Bechtel of Scalyfish Designs, based in Washington, believes that it will change the way people cycle.
The bicymple is an attempt to make the bike more straighforward, using pedals attached to the rear wheel rather than a chain, the 'Daily Mail' reported.
The bicymple can be ridden in two modes - with the rear steering locked, making it feel like a "normal" bicycle, or unlocked so it can be ridden in "crab mode" allowing tighter turns and even sideways riding.
Bechtel said that he wanted the design to make a bicycle simpler than current designs.
"Is it possible to evolve from the established bicycle design while adhering to the basic principles of simplicity, functionality, style, and excitement?" Bechtel said on the project's website.
"By removing the chain, the number of moving parts and overall complexity is significantly reduced. A direct-drive, freewheeling hub joins the crank arm axis with the rear-wheel axis, shortening the wheelbase and minimising the design.
"More than just a stylish concept bike, the bicymple is comfortable, easy to ride, and brilliantly simple to maintain," he said.
The lightweight design and short wheelbase make for a nimble ride.
"The optional rear-steer mode is reminiscent of custom 'swing bikes' and allows tighter turns and 'crab-riding'," he said.
The bicycle is supposedly easier to store in small spaces.
Bechtel also says the bike is far better suited than current designs to city riding and storing in apartments.
The project is currently a concept, but Bechtel hopes to mass produce the bicycles, and is "currently exploring options for larger scale production and distribution."
