Let the tension in the ring be T. Consider a small element on the circumfurence of the ring making an angle
at the centre. Make the free body diagram of this element. The tension forces are tangential to this element. You can easily check that the net inward force on the element is
. Equate this to the centrepetal force on the element and you'll get T.
If there is friction, the tension won't be uniform on the ring. The increment in tension across an element will equal the frictional force. The procedure is similar to the first part.