Tolkien's mythological series about the quest for the One Ring is called Lord of the Rings, as opposed to Lord of the One Ring, despite the fact that it is the One Ring which serves as the central artifact of the series' entire plot line. Despite its significance, have you ever wondered what the One Ring actually does and how it actually works? The ring bearer is awarded neither omnipotence or physical protection, and one has to have the appropriate strength of mind and will for it to be of any use, but because of its iconic power, it often does the bearer more harm than good. While those in possession hope to use it to overcome the Dark Lord Sauron, the ring's inherent malevolence (due to the fact that Sauron created it) could turn them as dark as Sauron or even lead to their demise. And what about all those other titular rings?
Watch this video by CPG Grey for an interesting five-minute summary of why the rings were created and what they do:
"The Ring of Sauron is only one of the various mythical treatments of the placing of one's life, or power, in some external object, which is thus exposed to capture or destruction with disastrous results to oneself. If I were to 'philosophise' this myth, or at least the Ring of Sauron, I should say it was a mythical way of representing the truth that potency (or perhaps rather potentiality) if it is to be exercised, and produce results, has to be externalised and so as it were passes, to a greater or less degree, out of one's direct control." --