Concept:
IC \(555\) is a popular timer integrated circuit used in timing and pulse generation applications.
Step 1: IC \(555\) can work in monostable mode.
In this mode, it produces a single time delay pulse.
Step 2: It can also work in astable mode.
In this mode, it works as an oscillator and produces continuous square waves.
Step 3: Therefore, IC \(555\) is commonly known as a timer IC.
Hence:
\[
\boxed{\text{Timer}}
\]