I am confident that either LOTR or the Silmarillion say that Sauron poured much of his own power into the One Ring. This is why he is destroyed when the Ring is destroyed. I believe the language Gandalf uses is that Sauron's fate is "bound up" with that of the Ring.
What exactly would happen should someone else try to use the Ring is less clear, except that it would be bad.
Sauron was afraid that Aragon would use the ring against him. And Aragorn had the strength to do it too. After all, he did win the palantir battle.
Sauron was afraid that Aragon would use the ring against him. And Aragorn had the strength to do it too. After all, he did win the palantir battle.
Yes, of all those who came in range of the Ring only the Great Powers, Gandalf, Galadriel, and possibly Elrond, could have mastered it and become another Sauron, but all three had the ability to refuse it. I disagree that Aragorn could have mastered it, the palantir was an instrument, but the Ring, as has been said, was associated with Sauron, and only the Great Ones could have gained and kept control of it.