The Ring was forged in Mt. Doom where it belong to the evil lord
Sauron.
After he was defeated, the Ring went to Isiludur who was tempted by it and did not destroy
the precious ring.
After Isiludur was killed, the ring lay dormant with 2,500 years. When suddenly it went to Smegol, an innocent hobbit who wasn't all quite right in the head. Because of his condition, he immediately felt the presnece of the ring and killed his brother for it. The ring poisioned Smegol's mind bringing out
Gollum.
After 500 years of killing Smegol and strengthening Gollum, the ring lost grasp and went to
Bilbo Bagins.
And after 60 years, the ring slowly worked it's way into
Bilbo's mind and he prepared a journey to
Mordor to give back the precious ring. Untill his old friend, Gandalf the Grey stopped him.
As fate would have it, Bilbo's
newphew Frodo picked up the ring and it was him and him alone that could possess such a powerful thing.
Because of that he went on a quest to destroy it with his best friend Sam and a fellowship of Hobbits, Men, Wizards, Elves and Dwarfs!