ICANN will allow private entities to bid for TLD’s (top-level domains). This means in addition to the current examples of .com, .net, .biz, .edu, .gov, .uk, .us, .tv, etc., private entities will be able to great other names such as .bank, .hotel, etc.
Alledgedly this will reduce competition for .com domains which are in short supply and selling for ever higher prices. However, I wonder if this proposal will really do this or simply create more competition and more money for ICANN. In addition, I cannot help but believe this move will increase confusion.
If ICANN wants to lower competition for .com’s, then only let coporations actually engaged in international business purchase the names. All other entitites should be restricted to country domains (.us, .uk, .jp, etc.). Furthermore, .gov and .edu which are restricted to US government and educational institutions should be under the .us TLD.