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Approximately 6 billion years ago, Rami the inventor created the Phantom Ring, but due to the disapproval of the rest of the Guardians of the Universe, Rami was excommunicated from the Guardians and sent into exile for the next couple billion years, taking the Phantom Ring with him.
With Rami's arrival on Earth, the Phantom Ring would soon find a new bearer, Frank Laminski. With the help of Volthoom, Frank traveled to the location of the two current Green Lanterns of Earth, Simon Baz and Jessica Cruz, who just so happened to be protecting the exiled Rami. He distracted them by setting a house on fire across the neighborhood, and in the distraction he snuck into the house, took the ring, and became the Phantom Lantern.
"In Desperate Day, In Hopeless Night,
The Phantom Ring is our last light.
We yearn for power, strength and might
I seize the ring, that is my right!"
- The Phantom Ring
Power Instability: The Phantom Ring can change its Emotional Spectrum power source whenever the user feels even the slightest emotion, changing their personality entirely to match that emotion and its perspective power source. It also is not powered by a battery, but instead has direct exposure to the entire Emotional Electromagnetic Spectrum, and prolonged exposure can cause the user to explode like a bomb.
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