Application wise both NE555 and NE556 are one and the same, so if you want to know the basic of the Timer IC then read through the NE555 page. Since the NE556 is a 14-pin dual timer package there are two sets of all the timer pins (Threshold, Out, Trigger, Control Voltage, Discharge) and both the timer share the same Vcc and ground pins.
Timer IC’s are the most commonly used ICs for timing and Pulse generation applications. They can adopt itself into various applications due to its different operating modes. They are very simple to understand and if we take a look at the components present inside as shown below.

There are three resistors of value 5K, which gives this IC it’s iconic name “555 Timer”. It has dual comparators and flip-flop which will make this IC operated in three different modes such as Astable, Monostable and Bistable(Schimitt) Mode.