Why Sauron wants the Ring?

[Inziladun]

Originally Posted by Drognan

Do we know what powers Ring provides? It's allready known that turns person invisible and greedy, it can control other rings, what else?

Basically, the One Ring provides the wearer with Sauron's will, or a portion of it, that enables command and control of other beings. Of course, that effect is proportional to the innate will, ability, and ambition of the possessor.