If you thought the domain world was a little over complicated as it was with all the various extensions already available, you are not going to like latest news to come out of ICANN meetings taking place in Paris. It appears as early as next year, anyone with a little financial backing will be able to apply to have their own extension created. I am sure some will go to good use, but I lay more on the side of skepticism here. Not only do I think some bad ideas will come out of this, I think this will just cause a nightmare for organizations looking to protect their brand names online.

Here is the story courtesy of CTV.ca:

Web regulator opens door to infinite domain names

Updated Thu. Jun. 26 2008 1:11 PM ET

CTV.ca News Staff

“Dot-com”, the ubiquitous term that has come to serve as a description for all things Internet-related, could be in the sunset of its heyday following a key decision Thursday on domain names.

The Internet Corporation for Assigned Names and Numbers, or Icann — the body that regulates the Internet, voted unanimously to ease up restrictions on domain names such as .com or .net.

The decision, made on the final day of week-long meetings in Paris, could trigger a frenzy of bidding as companies rush to claim domains like .investment or .travel.

In fact almost anything could become a web address under the new rules — from personal names to trademarked brands for major corporations.

Individuals could get domains named after themselves so long as they could prove they have a business plan and “technical capacity” according to the plans for the system.

However, companies with intellectual property linked to a specific name will have first dibs on their own domain, like .ctv, for example.

The new rules would mark a historic change from the current system where only .com, .net, .edu or .org are permitted, in addition to country domains like .ca or .au.

The new system could be in place as early as next year, but many details have to be worked out first.

As it is proposed now, applicants would go through a review phase, where others would have the opportunity to object to a requested domain over racism, trademark issues or similarity to an already existing domain.

If the application isn’t challenged, it would be ushered through.

But even some members who voted for the plan had concerns about its implementation.

“If this is broadly implemented, this recommendation would allow for any government to effectively veto a string that makes it uncomfortable,” Susan Crawford, a Yale law professor on the board told The Associated Press. She called for more clarity prior to implementation of the changes.

Icann also voted to open for public comment a proposal to allow domain names that are written with non-Latin characters, such as Arabic.