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The restored version of the artifact allows werewolves additional transformations into their beast form per day via the Ring of Hircine power accessible from the Powers menu. If you help Sinding kill the hunters pursuing him, you will be rewarded by Hircine by being allowed to keep the ring, with the curse removed.
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If you kill Sinding, you will lose the Ring of Hircine, only to receive Savior's Hide in its place. The ring can either be restored or returned to Hircine depending on your actions. As another downside, werewolves will discover that the ring causes them to randomly transform into their beast form. After acquiring the ring, it will be automatically equipped, not being able to be removed until you complete the quest. Originally discovered as a cursed ring, you are given the ring by an imprisoned werewolf named Sinding. The Ring of Hircine is a Daedric Artifact given to you by Hircine as one potential reward for completing Ill Met By Moonlight.
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