The Internet Corporation for Assigned Names and Numbers (ICANN) has just approved the relaxation of the rules for the introduction of new Top-Level Domains — a move that could drastically change the Internet. The new decision — some calling it of historic importance and others predictable — will allow companies to register their brands as generic top-level domain names (TLDs). For instance, Microsoft could apply to have a TLD such as '.msn' and Apple apply for '.mac'.

"We are opening up a new world and I think this cannot be underestimated," said Roberto Gaetano, ICANN board member. The new rules will allow any public or private organization from anywhere in the world to register any string of letters as a gTLD, which could result in hundreds of new gTLDs registered this year. The decision was taken unanimously on Thursday, June 26, 2008 at the 32nd ICANN Meeting in Paris.

Update:

Official announcement from ICANN

Elsewhere:

Board opens way for new top-level domains (Network World)

Internet Overseer Approves Domain Name Expansion (WSJ)

Internet overhaul wins approval (BBC)

Internet agency relaxes rules on domain names (International Herald Tribune)

Read full story: Network World