While we can’t guarantee that the TV show won’t make any changes, here’s what we know so far:
The Lord of the Rings: What Does the Ring Do?
The One Ring’s most (or perhaps least?) obvious function is that it renders the wearer invisible. But there’s more to it, else it wouldn’t make sense for Sauron to want it so much. Sauron created the One Ring in Mount Doom for the purpose of controlling the people of Middle Earth. In particular, he designed the Ring to be more powerful than the other rings, with the purpose of controlling their wearers. Moreover, possessing the Ring stops one’s aging process rendering them immortal for as long as they have it. But, of course, there are not just positives. As we’ve seen with Gollum, the Ring can destroy the mind of the wearer, and its addictive powers render the wearer increasingly obsessed with it. Even those who do not possess it, like Boromir, can lose themselves because of it; due to its intimate connection with Sauron’s powers, it has an evil will of its own. The One Ring is one of the most infamous artifacts in fantasy literature worldwide and inspired plenty of speculative works that center their story around a quest for or against enchanted objects - not always successfully.
What Do the Rings of Power Do?
To a lesser extent than the One Ring, the rings of power also grant power to those who possess them, though they also have significant and devastating effects. The three Elven Rings give the wearer the ability to hear and preserve, as was the case with Galadriel’s use of Nenya. The Seven Rings given to the Dwarves were supposed to bend their wills to Sauron’s apart from granting power and longevity. This, however, didn’t happen, though the dwarves’ anger and greed magnified.
The Nine Rings reserved for Men had the most devastating effects. Their wearers received longevity at the expense of their very essence. While they became very powerful and successful in their time, they all gave way to the Rings’ power, fading and becoming evil shadows of their former selves.