Very interesting. I wondered when someone would try to mesh coaxial rotors [0] with quadcopter use cases.
To make a real co-axial vehicle, you'll need to handle changes in the 3 translational axes (forward/backward, strafe left/right and up/down) as well as the rotational axes. Despite being a complicated movement, it's pretty well understood and Kamov has been making coaxial helicopters for many years.
My best guess based on the video is that there are two contra-rotating fixed pitch props in the middle. This gives you up/down and by varying the speed of the props gives you yaw right/left. A couple of clever ducts forward, aft, left and right on the duct give you stability forward/backwards and left/right.
I look forward to actually learning how they did it. It certainly looks cool.
0 https://en.wikipedia.org/wiki/Coaxial_rotors