A ring topology is a type of local area network (LAN) where each node connects to exactly two other nodes in a circular formation, providing only one pathway between any two nodes. It performs better than a bus topology under heavy loads, has short cable lengths, and is suitable for optical fibers. However, moving, adding, or changing devices can affect the network, reconfiguration is difficult, and node failure causes network failure, making it less popular today for high speed LANs. Ring topologies can still be found in some office buildings or school campuses.