Over Christmas I started thinking of putting together some nice lighting for the house. The main element I'm thinking of is a strip of LEDs that are individually addressable. The only ways I can think of to achieve this without running to many wires tend to get expensive quickly (> 1 euro per LED). Since I also don't really know what to search for, I figured I might ask for pointers here.
In summary, what I am looking for is a communication bus protocol that can address approximately 50 nodes (the LEDs) and that can be implemented with very cheap electronics (<1 euro per node). Each node only needs one bit of data (LED on or off), but more would be handy e.g. to set the intensity. I think my best bet is some sort of master-slave configuration in which case the master is allowed to be more expensive, let's say an Arduino. Is it possible to build such a network and where should I start looking?