This knot can be tied as bracelet, necklace, or in this case a keychain. This fob holds twelve feet of paracord ready to be used for such things as lashing a survival shelter or removing the inner strands for fishing line.
To unravel this keychain, start with the hangman's noose knot, pull the cord opposite the backbone cord until the noose pulls through the coil. This will leave you with two cords on the end, one being the backbone cord which is important in unraveling the keychain.
Now pull the backbone cord out the opposite side leaving you with a cord on each end of the keychain. Untie the securing loop, and pull out the end of the cord.
To finish unraveling the keychain, simply hold the right cord tightly and pull the securing loop cord and the knot should start to fully unravel.