If $K$ is a field, the formal power series ring in $1$ variable $K[[X]]$ is a discrete valuation ring. What about the many variable case? Is $K[[X_1, \ldots, X_n]]$ a valuation ring?
Instead if we consider a formal power series ring $R[[X_1, \ldots, X_n]]$ where $R$ is a discrete valuation ring, what is known?