ICANN (Internet Corporation for Assigned Names and Numbers), which oversees a number of internet related tasks, after six years of development has opened an application period for the companies willing to create their own suffixes, replacing “.com” and “.co.uk” at the end of their web addresses.
The application process would continue for three months and a final outcome would be announced after nearly one year.
To successfully apply for a new domain suffix, companies must pay around £120,000 and show-off their technical and financial strength to maintain the registry and database. Once approved, only the owner of a brand will be able to create a branded TLD (Top Level Domain). TLDs are expected to become a routine in coming years since the monopoly of “.com” will break and companies will like to create suffixes like .google, .hp, .apple etc.
If however, more than one organization applies for the same suffix, an auction could probably be held. ICANN will probably receive between 500 and 1,000 applications for new TLDs, in addition to 280 already recorded applicants.