Editors collectively manitain a copy ring that holds up to 30 previous copies (and cuts) among the editors. When it is called as the next method on an editor after a paste, the paste-next method replaces the text from a previous paste with the next data in the copy ring, incrementing the ring pointer so that the next paste-next pastes in even older data.
It is a copy ``ring'' because the ring pointer wraps back to the most recent copied data after the oldest remembered data is pasted. Any cut, copy, or (regular) paste operation resets the copy ring pointer back to the beginning.
If the previous operation on the editor was not a paste, calling paste-next has no effect.