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ICANN, the regulator of domains has just approved 2 big things.
1) Domain names that don’t use Roman script. The Chinese can use Chinese, etc.
2) Opening up top level domains completely. In other words, not just .com, ,biz, .us, .uk and such.
The second however requires you to create the infrastructure to support a domain globally, so it would have to be worth millions to do so. .sex or .xxx will not be long off. Be interesting to see what else opens up. .smith? .ebay, evidently.
The first improves accessibility for the 4 and a half other billion people of the world. It may also change the dominance of English on the net over time.
An article, with interviews:
Further links on the upper right explore other aspects of the changes.