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ICANN (the people who manage the internet infrastructure) have recently approved a proposal that will allow the creation of new domains e.g. .com, .co.uk. Although it's early days, here's a quick overview of the key points.

1) In simple terms, organisations will be able to create and buy new TLD's (i.e. the end bit of a domain name such as .com, .net etc.)

2) Under the new plans, TLD's can be based on any string of letters, in any script e.g. Chinese, Arabic etc.

3) Individuals will be able to register a domain based on their own name, for example, as long as they can show a "business plan and technical capacity".

4) Companies will be able to secure domain names based on their intellectual property. There will be an objections and arbitration system.

5) Starting application fee will likely be in excess of $100,000

6) The kind of applications they are expecting are .web, .shop, .ebay etc.

7) Generic names such as .shop, .web etc. will be auctioned and sold to the highest bidder

8) The process of introducing the new system will start in 2009, with the first websites possibly coming online in the final quarter of the year.

9) The most likely new domains to be pushed into the Icann process are those that have been under development for some time now - the geo-TLDs such as .cym for Wales, .sco for Scotland, .ldn for London, .nyc for New York and so on

Due to the cost, we think that applications will be from global brands such as Coke, McDonalds etc. or people who want to sell sub domains i.e. they buy .shop then sell individual names in a similar way as .com operates.