The one ring never was the real problem – the beings' craving after it was the real problem. But because it became the symbol of the struggle of the races of Middle Earth, it had to be destroyed. The one ring was created by Sauron out of his craving for absolute power. It's the master ring which controls the races' individual ring-bearers, who in turn held to their racial rings given by Sauron, out of craving for power over their kind.

Sauron, like the races' leaders, were victims of their own craving. Who is the title Lord of the Rings? Is it Frodo, who was the master ring-bearer? Since he conquered his own craving to be able to destroy the ring? Or is it Sauron who was the original owner? Will the master ring not be replaced in time by something equally tempting? What is YOUR one ring? It doesn't matter who is the Lord of the Rings – because you got to be craving's lord, or craving will lord over you. The burden of the one ring is yours. There is only one ring to destroy – the seemingly seamless ring of birth and death, ruled by our craving, arising from ignorance.

All you have to decide is what to do with the time that is given to you.
– Gandalf

This is your test. Every path you have trod through, wilderness, through war, has led to this road.
– Elrond

Become who you were born to be.
– Elrond

Become the unborn, the deathless - become enlightened.
– Shiqin