JSFiddle - React, Tailwind, and code Playground

HTML

<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.5.1/jquery.min.js"></script>
<link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/font-awesome/4.4.0/css/font-awesome.min.css">

<input type="password" placeholder="Password" id="password" class="masked" name="password" />
<i class="fa fa-eye" id="eye"></i>

JavaScript

var pwShown = 0;
$(document).ready(function(){

$("#eye").click(function(){
	if(pwShown == 0)
	{
     $("#password").attr('type','text');
		 $("#eye").addClass('fa-eye-slash').removeClass('fa-eye');
		 pwShown = 1;
	}
	else
	{
	  $("#password").attr('type','password');
		 $("#eye").addClass('fa-eye').removeClass('fa-eye-slash');
		 pwShown = 0;
	}

})

})