I have already discussed a similar concept explaining a bar graph display LED circuit for car turn signal, the same idea is implemented for the present welcome chasing light display circuit.
The figure below shows the details of the circuit:
Referring to the circuit above, the entire design is configured around a standard IC 4017, and IC 555 chaser circuit, wherein the IC 555 transmits the required sequences clocks at pin#14 of the IC 4017 and enables a sequential chasing of the high logic across the selected output pins of the IC 4017.
Here the pinouts from pin#3 and pin#5 are rigged for illuminating the "welcome" display while pin#6 is used for resetting the sequence after each complete cycle.
Meaning once the whole "welcome" sign is lit, subsequently pin#6 triggers the 2N2907 to switch OFF the SCRs and reset the sequence from the beginning at pin#3.
The 4017 IC outputs sequence with a "jumping" high logic which switch ON only momentarily while shifting from one pin to the next, this implies that if the LEDs were connected directly with the pinouts would cause each alphabet to illuminate only for a moment until the next alphabet was lit, enabling only one alphabet to be lit at a given instant. This would make the display unreadable and the "welcome" sign would be unrecognizable.
In order to ensure that all the alphabets are lit and stay latched during the sequencing, SCRs are introduced with the pinouts for illuminating the LEDs.
The SCRs trigger and latch during the sequence until all the the alphabets are illuminated and then finally shut off to begin a new sequence.
The IC 555 generates the clocks for the sequencing, and the speed of the sequencing can be adjusted through the associated 100K pot.