ICANN, also known as Internet Corporation for Assigned Names and Numbers, is an NGO which helps to keep the quality of the Internet safe. Anytime you register a domain online, you are normally going through a registrar or database, who pays a reasonable fee to ICANN for your domain to be registered with them. There are generally two types of ICANN domains. They are managed domain names and generic top level domain names.
There are many benefits to using ICANN domains. The first benefit is that ICANN offers several different registration options. You can either purchase a managed domain name, which means that you will use an outside company or individual to manage your domain, or you can get a generic top level domain (gTLD) registration. If you decide to go with an external company or individual to manage your domain, you will be able to pay them based on the performance of your website, which they will carry out for you and then forward the fees to ICANN.
Generic top level domains, or gTLDs, provide the same functionality as registered names, but they are unique to each registrar and website that register them. For example, there are a limited number of gTLDs which are available for use by local businesses. Some of these IP addresses are reserved exclusively for business; others are available to anyone, but their price may be higher.
There are several disadvantages to using an external service to handle your domain names. One of the biggest disadvantages is that there is no guarantee when it comes to the availability of a domain name. Although most companies provide a list of current available domains, this does not guarantee the availability of some. The failure of companies to update their lists could result in you losing your domain name. Another problem is that if the domain registrars which operate gTLDs become out-of-date, users of those sites will have less control over their URLs, which can lead to confusion.
On the other hand, ICANN offers a simple solution. It has developed a DNS system which automatically transfers the DNS requests from the user's browser, to the company's DNS servers. Once there, the ICANN-managed DNS servers to look up the relevant information from the IP address, match it with the existing information in the DNS database, and then transfer the request to the correct domain registrar.
As an independent third party, ICANN gives its members access to its own database which contains information about all currently available domain names. This allows for greater predictability of operation. Moreover, ICANN is the only entity in the industry with a stable time. Its long term goal is to develop a uniform global internet infrastructure that will allow people to share and transmit data at the speed of light using IP addresses.