The Formula One World Championship is an annual series of races known as Grands Prix, held on various circuits around the world. It is organized by the Fédération Internationale de l'Automobile (FIA) and features teams and drivers competing for the title of World Champion. Each race awards points based on finishing position, contributing to both the Drivers' and Constructors' Championships. The championship began in 1950 and has evolved significantly, with advancements in technology and safety. Iconic teams like Ferrari and Mercedes have dominated in recent years, while legendary drivers such as Michael Schumacher and Lewis Hamilton have left a lasting impact on the sport.