The electrolysis phase of making colloidal silver, which is a failed plating cell due to the electrolyte we use (pulls silver ions into the water and gives them no where to go - usually plate out on the cathode but as I said, our electrolyte prevents this) makes IS.
IS is simply silver oxide dissolved in water.
When this phase is done (correct time based on the current you're running), you REDUCE the ionic form to colloidal form by introducing a sugar (glucose, maltose,...) which are classified as reducing sugars. What this does, at a warm enough temperature (say above 120F) is that the sugar molecules grab hold of the oxygen on the silver oxide and it oxidizes the sugar molecules and pure elemental nanoscopic silver particles are left floating in solution (colloidal silver).
There's obviously more to this process and care needs to be taken so during electrolysis you don't produce more silver oxide than can dissolve in the water so it doesn't start precipitating out of solution which isn't good but its not complex chemistry.
Make ionic silver by electrolysis, reduce, gel-cap if you want to, done.
The literature and documents here on this site will basically explain all the rest.
You DO need a current limiter because if you're not running a constant, fixed current through the cell, you have zero clue what PPM you made. It can't be measured. The only way you know is by running constant current and using Faraday's law of electrolysis to determine run time to the PPM you want.
BTW, at room temp (that'd be 75F, not colder), the solubility limit of silver oxide in water is a hair above 20PPM (21-22PPM but don't go there). If you heat the cell to 150F as I do, that raises solubility limit to around 40PPM which gives you a nice guard band when making higher PPM Colloidal Silver with continuous reduction where there's sufficient time for the reducing agent to do its job before you exceed the solubility limit.
Try Colloidal Silver in your creams and for other purposes. IS has very LOW disease fighting ability. From whats been said on this site, Colloidal Silver has about 35x more potency than IS for the same PPM. Also, IS at a high enough PPM CAN and DOES turn your skin blue and it doesn't wash off. Its basically a permanent dye that has to wear off and that takes a while.