ICANN has formally accepted a proposal that will allow companies to purchase new top-level domain names (TLD's) ending in virtually any extension they choose. Readers, this is the biggest news in the domain name industry in a long, long time. Instead of being restricted to sites ending in .com or .org (or the myriad other TLD extensions such as .net, .biz, .us, etc.), Microsoft could have a site that ends in .microsoft, or Chicago could end its website address with .chicago (individual countries are expected to keep their extensions the same).
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