As far as I can tell the SM16716 has 2 wires for communication, where the WS2812 only has one. To send a 0 bit you must drive the data pin high for 0.35us and then low for 0.8us. For a 1 bit you drive the data pin high for 0.7us then low for 0.6us. If the data line is low for longer then 50us the strip will reset. I am going to get one and play with it, I will post some code when I get one working

Datasheet