Lots of Makers are sending in great projects for Halloween that use the 555 timer chip, so here’s another resource to get started for all your LED blinky needs – “Timer circuit has been used in many projects and there are basically 2 types that are used these days. One of them is the use of analog RC circuit where charging of the capacitor circuit determined the T(time) of the circuitry. This type of circuitry has larger tolerance and is used in applications where the T is not so critical as the T is affected by the tolerance of the RC components used.
The other is the use of crystal or ceramic resonators together with microprocessor, microcontroller or application specific integrated circuit that need higher precision T in the tolerance of up to 5 ppm (parts per million). “ – Link.