ELI5 Balloons - why is there a ring at the opening of a balloon?

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Why is there a ring at the end of the opening of a balloon? What creates the noise of a ballon popping? Who invented the ballon? Why do helium balloons shrink in size over time?
.. we explain like I'm five
Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: marv1nnn, trooper_x, secretantworshiper, fujikitakyusho, brian_vogel, 18_usc_47 and moskau50
To the ELI5 community that has supported us so far, thanks for all your feedback and comments. Join us on Twitter:
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ELI5 Balloons - why is there a ring at the opening of a balloon?

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ELI5 Balloons - why is there a ring at the opening of a balloon?
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