This is no normal LED, usually to drive an RGB you would need a driver chip or three PWM signals with some FETs. But this LED has all of the control built into the die.
Using a high-speed single wire bus you control hundreds of these RGB LEDs. The benefits are lower cost, fewer external components and easy board layout.
The WS2812B is the latest generation and now only requires 4 pins, the previous version had 6.
DipCortex +WS2812B Example – https://github.com/SolderSplashLabs/DipCortex-WS2812B