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A recent interpretation by Danish author Peter Kjaerulff is that the Ring symbolises The Cursed Ring, a device described by both Plato in his Republic (the Ring of Gyges), and in Richard Wagner's The Ring of the Nibelung operas, besides Tolkien.
The One Ring was created by the Dark LordSauron during the Second Age in order to enlarge his own might by combining it with the power of the Elven Smiths, and thus to give him control over the other Rings of Power, which had been made by Celebrimbor and his people with Sauron's influence.
The One Ring was forged secretly in the fires of Mount Doom.
Unlike the lesser Rings, it bore no gem, but its identity could be determined by a simple (though little-known) test: when heated in a fire, it displayed in fiery Tengwar letters in the Black Speech of Mordor a section of poetry from part of its lore - the Ring-inscription.