It is an eye technique, like that of the sharingan, possesed by Pein, or otherwise, Nagato. It is the most powerful eye techniques, with the sharingan and the byakugan.Rinnegan also allows the user to sense chakra, including an otherwise hidden barrier. Find out more about the rinnegan on the Naruto Wiki.
I don't know much about about it but i can tell you somethings. Pain (leader of Akatsuki) AKA Nagato has a special pair of eyes. When his other 6 pains are loose and causing mayhem. They basically are able to see what their comrades are seeing. EX. You attack a Pain from behind while another is looking at what you're doing. The one your attacking sees through his teammates eyes and blocks the attack. Basically you would have to fight them 1 on 1 to win.
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Nagato is the first user of the Rinnegan in naruto
He was born with it. The Sharingan is a family trait passed down to some members of the Uchiha Clan.
After Konan died Madara (Tobi) found Nagato's body and he transplanted Nagato's rinnegan into his left eye.
he is the first shinobi to get it,he then gave it to nagato for some unknown purposes; maybe it was part of his scheming of world domination. the way he got it was pretty simple in theory: as it is said in the story the sharingan,the mangekyou sharingan and then the rinnegan are the strongest and the most noble of doujutsu. so after getting his eternal mangekyou sharingan he was able to unlock this rinnengan thus becoming as powerful as the rikudu sennin.
The Byakugan, the Sharingan and the Rinnegan.