Proponents argue that more TLDs would foster innovation. But the real innovation has been in companies such as Facebook, LinkedIn, Twitter, and Foursquare, which are creating their own new namespaces rather than hijacking the DNS.
When ICANN started more than 10 years ago, we were accused of commercializing the Internet. In fact, we were building an orderly market, setting policies for how much registries could charge, fostering competition among registrars, and making sure that we served the public interest. Unfortunately, we failed to deliver on that promise. Most of the people active in setting ICANN's policies are involved somehow in the domain-name business, and they would be in control of the new TLDs as well. And that means that the new TLDs are likely to create money for ICANN's primary constituents, but only add costs and confusion for companies and the public at large.
Of course, if I am right, the DNS will lose its value over time, and most people will get to websites and content via social networks and apps, or via Google (or whatever supersedes it in the competitive marketplace). The bad news is that there could well be much superfluous expense and effort in the meantime.
This article comes from Project Syndicate.