Over the past couple of years, there have been a lot of new gTLDs coming out. You’ve probably noticed online .co, .names, .party and lots of others.
ICANN or the Internet Corporation for Assigned Names and Numbers was created to ensure a standardized and global format for the Internet when it comes to promoting a competitive landscape for domain-name registration and communication while offering a framework for introducing for domains.
As more and more domains were used, the Internet Corporation for Assigned Names and Numbers realized that adding a new gTLDS program would make sure that the competitive energy would stay alive in the domain-name area. However, as the program continued to evolve since its introduction, many others top-level domains have started to be used with an eager that there could be a lot more in the near future.
To make sure that any new generic top-level domains fit a set of standards, the organization board used more allocation and contractual criteria in 2008. The organization has also spent time addressing specific concerns about domain name system or DNS, intellectual property, consumer protection, and etc.