What do you want it to do?
On itself it won't do anything (useful); the FaryLink_xxx SSID means that the default firmware of the Chinese manufacturer is installed and I don't know what that firmware does (it's probably nothing more than some test firmware).
The ESP8366 is in essence a microcomputer with WiFi hardware; you can do "Anything" you want with it.
You can program it using a range of languages, for instance
Arduino,
Python,
BASIC and
LUA.
Please note:
- The chip is called ESP8266 (it's not a module and you will, most likely, never use it in it's bare form)
- By default most ESP8266 boards come with "AT firmware" pre-installed; you should consider this firmware as a gimmick and only practical for initial testing purposes
- The ESP-01 is a board that uses this ESP8266 chip; it is however one of the worst boards to start off with (I know there are loads of "How-to's" on the internet using it... unfortunately)
- The ESP8266 (the chip) works on 3.3V, not 5V; feeding it with 5V will kill it.
I expect (or hope) you have a NodeMCU or Wemos board and misidentified it as being "ESP8266" (as in its name, not the controller inside).
As an example, here's a break-down of a NodeMCU development board:
NodeMCU_Breakdown.png
I suggest you have a look at the possible programming environments to see what suits you best.
If you do have any programming experience, then that would be a great plus, but it's not essential.
Just install the environment of your choosing, start playing with the examples and take it from there.