in the simplest terms, a token is passed from one device to another - no device can transmit data without being the holder of the token. Once the transmission is completed, the device releases the token. If a device receives the token but has no data to transmit, it will release it for the next device.
Token Ring has been left behind since it wasn't a very scalable technology compared to Ethernet. Not aware of anyone using Token Ring these days - any companies I worked for converted to Ethernet back in the early 2000s.
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