Isildur cut the One Ring from Sauron's hand then it slipped from Isildur's finger in the Gladden River just before orcs killed him. It was almost 2500 years before a Stoor hobbit named Deagol found the One Ring in the river while fishing.
Frodo Baggins was the hobbit that ended up with the One Ring.
In The Hobbit the ring's only power is that it makes its bearer invisible.
The one ring
Smegall is the one who wants the ring so badly.
The ring that Bilbo found is known as the One Ring, and it was originally forged by the Dark Lord Sauron. Before Bilbo discovered it, the ring was lost by Sauron and later came into the possession of Gollum, who called it "my precious." Bilbo found the ring in Gollum's cave during his adventure in "The Hobbit," ultimately becoming its new owner.
It does not appear in the first chapter of The Hobbit.
Bilbo's first riddle in "The Hobbit" is "What have I got in my pocket?" The answer is "a ring," which refers to the One Ring he found earlier in the story. This riddle is significant as it showcases Bilbo's cleverness and resourcefulness, as he uses it to gain an advantage over Gollum.
There are many books like the Inheritance Cycle (same as 'Eragon Trilogy') but the one I would recommend is The Hobbit/The Lord of the Ring Trilogy. The Hobbit is the prequel to The Lord of the Ring Trilogy.
Because he was wearing The One Ring at the time.
in short, yes. he is a very hesitant hobbit, but with an irrepressible spirit for adventure.
No one was tasked with it, Frodo volunteered to do so.
One hobbit Bilbo is related to is the Old Took, who is his mother's father. Bilbo managed to outlive his grandfather by one year before leaving for Valinor, though he cheated because of the One Ring.