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This piece holds an ancient entity whose name in Perclarion. He is a vampiric entity and in ancient times, he was one of the most respected and revered vampire sorcerers to live in the City of Babel. When the people in this city got together to make plans to build a tower all the way up to Heaven, they turned their back on Perclarion. They did this not because they didn't want him around anymore, rather because they knew they were going to need the all of his magical ability to build the tower. They were filled with greed and tricked Perclarion into a container, which was then nailed shut. This container, or should we call it an ancient casket, was built into the foundation of the Tower of Babel.
When the Tower of Babel Fell, Perclarion's soul form was released, but vanquished to the Sanguine Abyss. This is where some vampires without flesh forms go when they only exist in soul form. It's not quite Hell, but it isn't far off. Later on, he was summoned from the Sanguine Abyss to be set into this item.
Perclarion has full sanguine ability and is called the granter of all. This is because with his ancient sanguine powers he is able to grant anything that you ask of him. This ring is a scrying piece. I know it looks black now, but when you get it and Perclarion bonds to you, you will be able to scry into the black part of this ring and see Perclarion his full form, as he existed in Babylon in ancient times. This is when you can ask him for anything and it will be granted to you. Ask anything at all, because his sanguine powers make Perclarion a very powerful sorcerer as well. You can use this piece as many times as you want to create as many powers as you need.