From the store page:
The SX KeyRing is a small board (which resembles the SX-Key® programming tool in size and shape) that connects between the SX-Key or SX-Blitz and the SX chip to allow low-voltage programming and debugging.
The SX-Key needs to run at 5V. If your target SX processor is running at 3.3v then you need to put the Key-Ring inline with the SX-Key. The ground and OSC lines pass through. The Power to the SX-Key then comes from the Key-Ring instead of the target processor like it normally does....
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http://www.parallax.com/detail.asp?product_id=45211
From the store page:
The SX KeyRing is a small board (which resembles the SX-Key® programming tool in size and shape) that connects between the SX-Key or SX-Blitz and the SX chip to allow low-voltage programming and debugging.
-Benoit
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Robert