They look for all the world like any other LED, though embedded in the plastic dome is an integrated circuit to do all that flashing work. There was a time though when a flashing LED was something of ...
The function of the 555 timer is mainly determined by two comparators. The output voltage of the them controls the state of the RS flip-flop and the discharge tube. It also contains 3 working states.
Nowadays, single-color and multi-color flashing LEDs are easily available, which obviates the requirement of external chips to produce fascinating lighting effects ...
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