From The Lord of the Rings wiki
One Ring
The One Ring is a powerful artifact forged by the Dark Lord Sauron to dominate the free peoples of Middle-earth.
History and Nature
The One Ring was created by Sauron in the fires of Mount Doom during the Second Age. It was designed to control the other Rings of Power, granting its wearer dominion over those who possessed them. The object is inherently evil and possesses a corrupting influence, seeking always to return to its master. It grants invisibility to mortals while slowly eroding their mind and spirit.
The Quest
After being lost for centuries, the Ring was discovered by Bilbo Baggins and subsequently passed to his nephew, Frodo Baggins. Under the guidance of Gandalf the Grey, Frodo embarked on a perilous journey to destroy the artifact in the same volcanic fires where it was forged. He was accompanied by his loyal companions, including Samwise Gamgee, Meriadoc Brandybuck, and Peregrin Took, along with Aragorn, Gimli, and Legolas Greenleaf. The destruction of the Ring was essential to ending Sauron's reign and ensuring the safety of Middle-earth.