ICANN promised a new web boom that will totally change, not just the web design industry but the way internet real estate goes. The president of ICANN announced that domains will not be restricted anymore by predermined suffixes. Meaning, no more .com, .net, .org, instead, they will make if flexible to the point that you can make any suffix of your own!

Think of it like name.surname or basket.ball as an example. This will gonna be a HUUUUUUUUGE opportunity. Are you ready?

The recent decision to open up the domain naming system will create the largest boom on the internet since its creation, according to the Internet Corporation for Assigned Names and Numbers (ICANN).

The group approved a measure on Thursday which will remove the restrictions on domain suffixes, allowing companies to register any word as a URL suffix. Where users were previously limited to 21 suffixes, such as .com and .net, sites will now be able to use such domains as .news or .bank.

ICANN expects the new rules to go into effect some time next year.

“The potential here is huge. It represents a whole new way for people to express themselves on the net,” said ICANN president and chief executive Dr. Paul Twomey.

“It’s a massive increase in the ‘real estate’ of the internet.”

ICANN plans to allow non-Latin characters as well, opening the door for domains with Chinese and Arabic characters for the first time.

The company also provided further guidance on how the new domains will be distributed and managed. By the second quarter of 2009, ICANN plans to begin accepting applications for new domains.

In the case of a trademark or cyber-squatting spat, the company plans to allow trademark holders to file appeals. The appeals will then be reviewed by ICANN and a decision made.

A similar system will be put in place for dealing with attempts to register potentially offensive sites. Users will be able to file an objection which will then be passed on to an independent, international review board which will base a decision on international treaties.

Source : vnunet dot com

We know many people earned billions in the domaining industry. porn dot com, pizza dot com and such, have been sold millions of dollars. Are you ready to take a piece of this pie of billion dollar industry?