The dark lord Sauron created his one ring of power for the sole purpose of dominating all life on Middle Earth. In a cunning and devious plan, he managed to trick not only Celebrimbor, the forger of the other rings of power, but also those who possessed the rings, including the 9 lords of men who later become the Ringwraiths. Sauron essentially put a clause into the ring that made him, and only him, the supreme ruler of the world, able to destroy kingdoms, corrupt creatures, and take life as he pleased.
This meant that almost all who had come into contact with his ‘gifts’ fell prey to his treachery, and were poisoned by his ill will and his malice. The dwarves who received rings were already on the edge of greed and ruin, and they too were lost to Sauron's hatred in different ways, whether it was by being swallowed by dragons, or imprisoned in towers, or digging so deep during a gold lust that they awoke something unspeakable.
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The only beings who managed to escape this terrible fate, and even then only because they were forewarned by Celebrimbor once he had realized the extent of Sauron's betrayal, were the elves. These immortal beings managed to hide their rings in a safe place, and kept them there until the threat of Sauron had passed, and they were able to use the elven rings without fear of being corrupted.
By the time the War of the Rings comes around in the Third Age of Middle Earth, the elves have managed to use their rings to create life and beauty and goodness in the world. Elrond has used his to strengthen Rivendell, to make it a safe place, the Last Homely House, a refuge for the wounded and the weary. It has amazing healing houses, and a wealth of knowledge and compassion
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