The 555 timer IC was introduced in 1971 by Signetics Corporation. It provided an inexpensive and stable integrated circuit for monostable and astable applications. It consists of 23 transistors, 2 diodes, and 16 resistors. As a monostable multivibrator, it produces a single pulse when triggered, with the pulse width determined by the external resistor and capacitor. As an astable multivibrator, it continuously switches its output between high and low without an external trigger, with the pulse width set by two external resistors and one capacitor. The 555 timer has found applications in waveform generation, timers, oscillators, and more due to its low cost and ease of use.