Internet regulators last week voted to relax rules on domain names like .com or .edu, which could pave the way for companies or individuals to create an array of new addresses for the Web.
The Internet Corporation for Assigned Names and Numbers, or Icann, also approved measures that will allow top-level domain names to be written in scripts such as Arabic or Cyrillic.
Top-level domain names, or TLDs, refer to Internet name suffixes, such as the ubiquitous .com, .net and .org, among others. Currently, there are more than 200 TLDs, which also include the two-character country codes used by websites, such as new Zealand's .nz.
Under the new system, individuals, companies or groups could apply to have any string of letters established as a domain name. It could be a vanity name, for example -- .smith -- or a category name like .sports or .beer.
This is going to create a heap of confusion I’m sure – Things are currently manageable IMHO, however removing predictability and assuming more people can spell.. might present some challenges.
More info here.