The Grove - Variable Color LED is an RGB LED that can be controlled by both digital and PWM signal, there are three changable resistors on board, with which you can change the color simply and quickly. 

This is the V1.1 version of this product, comparing to the first version, we add a logic IC to the new one, so that it can better work wtih logic DC Jack. However if you don't use a logic DC jack with this RGB LED, there is no difference in using this or the old version. Just get one and start your colorful LED project!