The Zener diode is often used to create a reference voltage. In tutorials and even college texts, there are mentions of creating a Zener diode based regulator. The idea is that the Zener maintains a known voltage drop. The problem is that current matters. This post looks a quick Zener diode overview and shows what happened when I tried to power a microcontroller using a “Zener diode regulator.”
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Digital ICs like microcontrollers, memory, and shift registers need a stable voltage source to make sure they work as expected. Most circuits are designed with a voltage regulator to accomplish this stability. In theory voltage regulators will vary their output to stay at a set voltage, regardless of how much current the load is drawing. As a load draws a little bit more current, the supply voltage will begin to sag. Conversely when the load is reduced the voltage may rise a little bit. Regulators work to eliminate, well minimize, this change.
Full Tutorial: Voltage Regulator Basics