Beowulf is an Old English epic poem written by an anonymous author. Beowuls is a hero of the Geats that helped Hrothgar, king of the Danes, in defeating the monster Grendel, who attacked the Hall of Heorot. After Beowulf killed the monster, Grendel's mother attacks the hall and is  also defeated. Victorious, Beowulf goes home and becomes king. Fifty years later, Beowulf defeats a dragon, but is mortally wounded in the battle and later died. 

First of all Tolkien, as an expert of Old English, used the expertise on  Beowulf to create some of the races of Middle-earth such as "eotenas ond ylfe ond orcnéas", which were his orcs and elves. The Beowulf dragon can be compared to the dragon in The Hobbit, Smaug. The Beowulf dragon is aroused and enraged when a golden cup from his pile of treasure is stolen; then he flies out in and destroys Beowulf's hall; he is killed, but the treasure is cursed, and Beowulf too dies. In The Hobbit, Bilbo Baggins steals a golden cup from the dragon's treasure, awakening Smaug, who flies out and burns Lake-town; the allure of gold is too much of a temptation for the Dwarf Thorin Oakenshield, who is killed afterwards by an orc.