ICANN Announces New Generic Top Level Domain Program

ICANN is the organization responsible for coordinating the Internet’s unique identifiers, including the domain name system. One of ICANN’s core values is promoting competition in the domain-name market while ensuring Internet security and stability.

ICANN recently announced it is opening the flood gates to allow more suffixes for domain names. Introducing new generic Top-Level Domains (gTLDs) will help achieve that commitment. Soon entrepreneurs, businesses, governments and communities around the world will be able to apply to introduce and operate a generic Top-Level Domain of their own choosing. Personalized suffixes like .coke, .amway, .help, will be potentially be available.

Here's how it works:
1. Any public or private organization can apply for a gTLD.

2. Applicants will have to pay an estimated US$185,000 if approved.
Applicants will be required to pay a US$5,000 deposit
fee per requested application slot when registering. The
US$5,000 will be credited against the evaluation fee. It was not made
clear in my research what happens to the deposit if not approved.

3. ICANN will request documents and information to prove the suffix is
justified. The application fee and documentation are to prevent
"cyber squatters" from just hoarding suffixes and holding out for the
highest bidders.

4. After a process that is predicted to last about 8-18 months,
ICANN will decide if one is eligible for the gTLD they applied for.

Will this process creat more availability? Or will it create a slow down for ecommerce? Will it just creat more legal hassles and headaches?

Stay tuned... next installment, we will discuss potential glitches.