Currently there are only 22 TLDs including the popular .com, net and .org.

"ICANN has opened the Internet’s naming system to unleash the global human imagination," Rod Beckstrom, President and Chief Executive Officer of ICANN said in a statement.

The new gTLD plan is not without its challengers who warn that the new system will put brand owners under even more pressure.

Read the full story at EnterpriseNetworkingPlanet:

ICANN Approves Generic Top Level Domains