I have 3 of these of a similar design attached to the pedals on a standard bike. The design actually changes the effective sprocket ratio twice each revolution. This evens out the amount of force required to pedal uphill. This design reduces the noticeable ugh....ugh....ugh you feel and makes the resistance more the same as you're pedaling. When I installed mine in 1985 I wondered how long it would be till something wore out in my rear derailleur because it is ALWAYS moving back and forth. 37 years later it's still working fine.
I'm not sure what this ring was designed to fit. I do not recognize the indexing pattern on the center hole. I can see no purpose for this on a motorized bike. Enlighten me please.