The Internet Corporation for Assigned Names and Numbers (ICANN) is releasing a new policy in which anyone can start a top-level domain (the part of a URL to the right of the period, such as ".com" or ".net").

According to ICANN, this service will enable entrepreneurs to sell specialty addresses, such as .shoes, .ibm, .movies or .apple, to interested parties.

Prior to this, users could buy .com, .net or any other domains under a first-come, first-served basis and at relatively low cost. But this wave of customizable top-level domains will cost significantly more than the garden variety, making it easier for big companies to score prime addresses that individuals and small businesses cannot afford.

Such domains have one immediately visible benefit: companies will be able to simplify their web domains. For example, books.amazon.com can redirect to books.amazon. And while it isn't clear whether such domains will receive better rankings from search engines, "every character is a chance for an error or confusion," the NY Times points out, "so a simpler name can't be anything but better [for the user]."

Additionally, broad adoption of customized top-level domains may enable users to do less typing to get to prominent websites like IBM. For example, instead of "ibm.com" or "ibm.ibm," one may simply be able to tap "ibm" into a browser to be directed to the appropriate homepage.

But as previously mentioned, the costs are prohibitive to small businesses and individuals. The going rate for a customized top-level domain currently sits at $185,000, not including the legal bills necessary to herd an application through ICANN. Organizations must also be equipped with certain technology to be certified to run their own domains.

All told, it is estimated that a personal top-level domain will cost anywhere between $500,000 to $1 million — resulting in a clear divide between those that can purchase them (large corporations) and those that cannot (SMBs).

The success of customizable top-level domains ultimately depends on whether having a .[your-name-here] is perceived as more legitimate than the average .com. If so, major corporations may find themselves sporting yet another advantage over smaller e-commerce businesses.

Apps for top-level domains will be accepted beginning in Q1 of 2010.