Internet domain endings such as .com, .org, and .net are expanding from the current 22 offerings to possibly hundreds of new domains. A plan was approved by the governing body of internet names (ICANN) on June 20 which will create an exponentially larger universe of website names. One of those new domain endings will be “.bank” which has the banking industry aflutter as they want to make sure that the use of such a financial domain will protect the interest and security of banks and bank customers. The American Bankers Association is actually looking into whether they may want to apply to become a registrar for “.bank” to prevent misuse of the domain. According to ICANN, any entity expecting to secure rights to and run a new domain can expect to pay a $185,000 application fee in addition to spending up to $2 million in start-up costs and $2 million a year on operations and infrastructure costs. At that price tag it will be interesting to see if there are any takers.
According to ICANN, they have “opened the Internet’s naming system to unleash the global human imagination. … We hope this allows the domain name system to better serve all of mankind,” said Rod Beckstrom, President and Chief Executive Officer of ICANN. “We have provided a platform for the next generation of creativity and inspiration,” said Peter Dengate Thrush, Chairman of ICANN’s Board of Directors.
Internet address names will be able to end with almost any word in any language, offering organizations around the world the opportunity to market their brand, products, community or cause in new and innovative ways.
This is some lofty talk here: unleash the global human imagination, better serve all of mankind, provide a platform for the next generation of creativity and inspiration.…Gosh, I’m tingling all over just from reading the words.
The application period will be from January 12, 2012 until April 12, 2012.