One concept which has existed for some time is, that LEDs can produce a variable amount of light, and this will be the case, regardless of whether that amount of light needs to be constant, modulated slowly, or modulated at very high frequencies. But, LEDs have as a property which many other components do not have, that they tend to produce a fairly constant, forward voltage drop (like any diode), but that, as the voltage increases only slightly past a certain point, current increases rapidly. And, in the History of Electronics, this has often caused circuit designers to put a resistor in series with the LED, to regulate its current accurately.
One big drawback of doing this is, that power gets wasted, as current flows through the resistor, and gets transformed into heat. The amount of power that gets wasted in that way, most strongly depends on what fraction of the supply voltage appears across the resistor, instead of across the LED. Another drawback is the fact, that the current which flows through a resistor, which has simply been connected between a supply voltage and an unpredictable component – such as the LED – is itself not constant, And, when supply voltages are low – such as 5V – small changes in supply voltage are large, in comparison to the only slightly smaller voltage-drop across the resistor. And so, technology does offer as alternative, a chip, with active components to regulate the current more precisely, and often, while wasting less energy. In principle, such a chip can also be installed by the manufacturer of LEDs, into the same package as the LED.
According to the schematic below, I have demonstrated such a circuit…
What is happening here is, that A presumed control current is fed in to a presumed input pin, and this circuit actually doubles that current, resulting in an amount of current which will be drawn from the cathode of the LED. Additionally, more than one LED could be connected in series, to the current-sink.