Currently a 1 Year Domain Name registeration is between  $6.99 - $29.99
Domain names are hostnames that provide more easily memorable names to stand in for numeric IP addresses. They allow for any service to move to a different location in the topology of the Internet (or another internet), which would then have a different IP address.

Each string of letters, digits and hyphens between the dots is called a label in the parlance of the domain name system (DNS). Valid labels are subject to certain rules, which have relaxed over the course of time. Originally labels must start with a letter, and end with a letter or digit; any intervening characters may be letters, digits, or hyphens. Labels must be between 1 and 63 characters long (inclusive). Letters are ASCII A–Z and a–z; domain names are compared case-insensitively. Later it became permissible for labels to commence with a digit (but not for domain names to be entirely numeric), and for labels to contain internal underscores, but support for such domain names is uneven. These are the rules imposed by the way names are looked up ("resolved") by DNS. Some top level domains (see below) impose more rules, such as a longer minimum length, on some labels. Fully qualified domain names (FQDNs) are sometimes written with a final dot.

Translating numeric addresses to alphabetical ones, domain names allow Internet users to localize and visit Web sites. Additionally since more than one IP address can be assigned to a domain name, and more than one domain name assigned to an IP address, one server can have multiple roles, and one role can be spread among multiple servers. One IP address can even be assigned to several servers, such as with anycast and hijacked IP space.

Examples

The following example illustrates the difference between a URL (Uniform Resource Locator) and a domain name:

URL: http://www.example.com/
Domain name: example.com

As a general rule, the IP address and the server name are interchangeable. For most Internet services, the server will not have any way to know which was used. However, the explosion of interest in the Web means that there are far more Web sites than servers. To accommodate this, the hypertext transfer protocol (HTTP) specifies that the client tells the server which name is being used. This way, one server with one IP address can provide different sites for different domain names. This feature goes under the name virtual hosting and is commonly used by Web hosts.

For example, the server at 192.0.34.166 handles all of the following sites:

example1.com
example2.net
example3.org

When a request is made, the data corresponding to the hostname requested, is served to the user.

Official Assignment
ICANN (Internet Corporation for Assigned Names and Numbers) has overall responsibility for managing the DNS. It controls the root domain, delegating control over each top-level domain to a domain name registry. For ccTLDs, the domain registry is typically controlled by the government of that country. ICANN has a consultation role in these domain registries but is in no position to regulate the terms and conditions of how a domain name is allocated or who allocates it in each of these country level domain registries. On the other hand, generic top-level domains (gTLDs) are governed directly under ICANN which means all terms and conditions are defined by ICANN with the cooperation of the gTLD registries.

Domain names which are theoretically leased can be considered in the same way as real estate, due to a significant impact on online brand building, advertising, search engine optimization, etc.

A few companies have offered low-cost, below-cost or even free domain registrations, with a variety of models adopted to recoup the costs to the provider. These usually require that domains are hosted on their site in a framework or portal, with advertising wrapped around the user's content, revenue from which allows the provider to recoup the costs. When the DNS was new, domain registrations were free. A domain owner can generally give away or sell infinite subdomains of their domain, e.g. the owner of example.edu could provide domains that are subdomains, such as foo.example.edu and foo.bar.example.edu.

Uses and Abuses
As domain names became attractive to marketers, rather than just the technical audience for which they were originally intended, they began to be used in manners that in many cases did not fit in their intended structure. As originally planned, the structure of domain names followed a strict hierarchy in which the top level domain indicated the type of organization (commercial, governmental, etc.), and addresses would be nested down to third, fourth, or further levels to express complex structures, where, for instance, branches, departments, and subsidiaries of a parent organization would have addresses which were subdomains of the parent domain. Also, hostnames were intended to correspond to actual physical machines on the network, generally with only one name per machine. However, once the World Wide Web became popular, site operators frequently wished to have memorable addresses, regardless of whether they fit properly in the structure; thus, since the .com domain was the most popular and memorable, even noncommercial sites would often get addresses under it, and sites of all sorts wished to have second-level domain registrations even if they were parts of a larger entity where a logical subdomain would have made sense (e.g., abcnews.com instead of news.abc.com). A Web site found at http://www.example.org will often be advertised without the "http://", and in most cases can be reached by just entering "example.org" into a Web browser. In the case of a .com, the Web site can sometimes be reached by just entering "example" (depending on browser versions and configuration settings, which vary in how they interpret incomplete addresses).

The popularity of domain names also led to uses which were regarded as abusive by established companies with trademark rights; this was known as cybersquatting, in which somebody took a name that resembled a trademark in order to profit from traffic to that address. To combat this, various laws and policies were enacted to allow abusive registrations to be forcibly transferred, but these were sometimes themselves abused by overzealous companies committing reverse domain hijacking against domain users who had legitimate grounds to hold their names, such as their being generic words as well as trademarks in a particular context, or their use in the context of fan or protest sites with free speech rights of their own.