ICANN, the body that oversees internet domain names, has
proposed reforms to help individuals and businesses fight
cybersquatters. It plans to introduce a new system that would give
the owners of domain names a 30-day grace period to renew their
registration. It also plans to establish a waiting list for coveted
domain names that become available to the public. Both reforms are
ideas that VeriSign, the .com registry, recently proposed as
business models.
Currently there is no formal procedure to enable domain name
owners renew their contracts. Cybersquatters often register coveted
domain names that have expired, before the original registrants
renew their contracts. ICANN aims to address this problem by
introducing the new system, which will give legitimate parties more
opportunities to claim and register a lapsed domain name.
According to ICANN president Stuart Lynn, the proposals are part
of a general plan to reform the organisation, which was established
in 1998 through an agreement with the US government.
The meeting ends today with a discussion on a proposal to impose
25% tax on all domain name registrations.
