This is a simple LED flasher project that uses a common 555 timer IC for its operation. It is configured as an astable mode which means that its output is a square wave oscillator. Two LEDs are connected to its output in such a way that when one LED is ON, the other LED will turn OFF. It uses only 10 simple parts that are easily available at any electronic shops.
Capacitor C2 charges exponentially through resistors R1, R2 and the resistance of the trimpot. When C2 has charged to about 2/3 VCC it stops charging and it discharges to about 1/3 VCC through R2 and the trimpot resistance via pin 7. This is the standard operation of a 555 timer. When a Vcc of 5 V to 15 V DC is applied to the circuit, the LED will start to flash. The frequency of the flashing can be changed by varying the resistance of the potentiometer or trimpot.
The parts list of the simple LED project is as shown below.