ICANN, the not-for-profit organisation responsible for taking care of top level domains (TLDs) such as .com, .net, .org and all the country TLDs such as .uk, .jp, and .om, has announced that it will allow individuals and organisations to register any top level domain name they wish. For exmaple:
One should be able to register http://ahmed.albalushi/ instead of http://ahmedalbalushi.com/
Countries can register their full name as the top level domain. Example:
The Ministry of Tourism can be registered at http://tourism.oman/ instead of http://mot.gov.om/
Companies can also register their own name as their top level domain:
Apple can register http://apple.mac/ instead of http://apple.com/
This might be the start of a new domain craze just like the mid nineties when people were registering all the domain names they can think of in hope of making money by selling them later to people who might be intersted in them or by by simply parking them and generating money through advertising. However, history might not exactly repeat itself as some people predict that the cost registering a TLD might start from $50,000 to $100,000. (In comparison to the $10 you need to pay to get a .com domain name).
ICANN will provide trademark owners with an objection-mechanism to stop people for registering their domain names. This will surely be easier said that done because of the regional and industrial scope limitations of trademarks.
An object mechanism will also be made for stopping people from registering TLDs which are offensive to the public.
The second major update to the domain name business is that Arabic and Asian characters will be allowed in domain names. I can understand why people would want to it, but why would you ever want to have a domain name in characters that cannot even be typed by the rest of the world?!