.mydomain

Two weeks back the Internet Corporation for Assigned Names and Numbers (ICANN) voted to allow a new array of Internet domain endings.

First things first. The Internet Corporation for Assigned Names and Numbers (ICANN) is a nonprofit group that assigns addresses to Internet service providers. The organization was founded in 1998, has members from all over the world and is dedicated to "keeping the Internet secure, stable and interoperable," according to ICANN's website.

One of the organization's main jobs has become assigning and overseeing domain names on the Internet. They've been gradually expanding the options for years, a process which has added such top-level domain names as ".biz" and ".xxx."

As of now there are a limited number of generic top-level domains. Some of the kore recognizable ones are "com," "org," "info," "edu" and "net." As per the new rule, people will be able to apply to ICANN to register in their own language their domain ending.

Now the catch or rather the surprise which you weren’t expecting at all. It is nice to have your domain name as per your wish or whims, but are you ready to pay $185,000 per domain application (more in the case of buyers who want one all to themselves)? So till you can shell out that figure this privilege is reserved for corporations, and maybe some governments. It also will cost money to set up and maintain the domain, so something like .google or .ibm will a lot more likely to happen than, say, .deepakpatel. 

But this does not mean that there is only negativity without any positivity. Clearly, the biggest benefit will be for retailers who would open the windows wide open for their brand. Possessing a domain could lend a sense of legitimacy on the web as the tough procedures applied by ICANN a personalized domain ending will be an authenticity watermark of sorts.

However for the usual Web user, it could cut down on phishing and other online scam attempts. If you knew that only domains with your banks' names in the suffix were legitimate, it would make it harder for scammers to trick you by steering you to a fake site.

ICANN is scheduled to begin reviewing applications early next year and says we should start seeing new domains in July 2012. Several organizations have announced plans to file for particular domain endings. Prominent among them are – .unicef, .paris, .nyc, .canon and .hitachi.