ICANN: “Internet Corporation for Assigned Names and Numbers”

Has released this

“Biggest Expansion to Internet in Forty Years Approved for Implementation

Paris, France: The Board of ICANN today approved a recommendation that could see a whole range of new names introduced to the Internet’s addressing system.

“The Board today accepted a recommendation from its global stakeholders that it is possible to implement many new names to the Internet, paving the way for an expansion of domain name choice and opportunity” said Dr Paul Twomey, President and CEO of ICANN.

A final version of the implementation plan must be approved by the ICANN Board before the new process is launched. It is intended that the final version will be published in early 2009.

“The potential here is huge. It represents a whole new way for people to express themselves on the Net,” said Dr Twomey. “It’s a massive increase in the ‘real estate’ of the Internet.”

Presently, users have a limited range of 21 top level domains to choose from — names that we are all familiar with like .com, .org, .info.”

Read More Here

My take on this

Seems like this could have allot of good and bad effects to the internet and to Domain markets.  I think I should start with the Good though my gut wants to start with the bad.

Some Good

• Create more suffix’s making it easier to find great smaller domain name (example: jd7.blog, jd.mac, jd.geek)
• Creating less demand for .com .net and .org so more companies wanting to use good names with not have to pay $10k for a domain.  And less people (like myself) will use suffix that are not intended to be personal. .org is for organizations not really for personal use.
• May bring prices down because the supply is higher (supply and demand)

The Bad

• Many patental lawsuits: “Trademarks will not be automatically reserved.”
• Very Confusing for the average users
• More Phishing sites (suffix’s like .comm and .nett will most likely show up.) paypal.comm will most likely confuse people.
• More squatters with show up.  buying all great domains name with different suffix’s like google.search and Microsoft. …
• Prices for .com .net .org and others will most likely go up allot, because they will be more in demand.

Like I said before there will be some good and bad to come of this, I just really hope ICANN thinks this through allot before the release in Q2 2009.

Let me know what you think on this subject, is it good or bad?