The 555 timer IC is a versatile integrated circuit used for timer and oscillator applications thanks to its low cost and stability. It was first released in 1971 and contains over 20 transistors, 2 diodes, and 15 resistors on a silicon chip. The 555 comes in several variants including the 556 with two 555 timers on one chip and the 558 with four timers. It can operate in monostable, astable, and bistable modes for applications like timers, oscillators, and switches. The output pulse width in monostable mode is determined by an RC circuit.