The circuit is intended to perform flashing LEDs one at a time. One LED will glow then next will glow and so on. the potentiometer is used to vary the speed of flashing of LEDs.. The 555 Timer is being used to feed the clock pulse to the decade counter CD4017...Dr. Courtney said:A description of what the circuit is intended to do as well as how the major sub-assemblies are expected to perform would be helpful.