At present there are 22 generic domains that are in use, e.g .com, .org, .in, etc.
Rod Beckstrom, President and Chief Executive Officer of ICANN said, "ICANN has opened the Internet's naming system to unleash the global human imagination. Today's decision respects the rights of groups to create new Top Level Domains in any language or script."
The decision was taken after the Board, in a special meeting approved the plan to increase the number of Internet domain name endings -- called generic top-level domains (gTLDs).
Icann believes that the decision to open the floodgates of domain endings, will drastically change the way people find information on the Internet. According to the organisation, it will also help businesses determine, plan and structure their online presence.
Peter Dengate Thrush, Chairman of ICANN's Board of Directors said, "Today's decision will usher in a new Internet age. We have provided a platform for the next generation of creativity and inspiration."
Icann will receive applications for new domain names for 90 days from 12 January 2012, the fee for which is $185,000.
So how will it appear after the system comes into effect. A news website can have a domain ending of .news, a food-chain can use .food, a sports website may end with .sports and so on.