Each one of us would surely be aware of the rapid increase in the number of people establishing an online identity. There has been a constant rise in the number of users applying for domain names. At present there are there are 22 generic top level domains (gTLDs) available for domain registration and these include .COM, .NET, .ORG, and .BIZ among others. Along with them there multiple country specific extensions, such as .AU, .UK, .US, .IN and .DE available for registering a domain name. These country specific extensions are known as ccTLDs (Country Code Top Level Domains) and number is in hundreds.
Internet Corporation for Assigned Names and Numbers (ICANN) has come out with a new theory, whereby several new domain extensions can be created, for example, .companyname, .music or .bank, or .location. The new gTLD program is primarily aimed at enterprises and businesses so that they can better brand control and create new opportunities in the internet world. For organizations, having a web address that reflects their brand name can benefit both, branding as well as security. What this means is that any business owner can now apply for a personalized gTLD so that their customers do not find it difficult to locate them on the web.
This new privilege actually comes along with a hefty price tag. The new gTLD applicant has to make a payment of around USD$185,000 to establish a customized gTLD. The only parties that are entitled to apply for the new gTLD are established corporations, organizations, or institutions that have good standing and reputation in the market. There is currently a limit of 1000 new gTLDs that will be delegated each year.