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In the Internet's early history, DNS functions were carried out by volunteers and government contractors; a noncompetitive, government-funded system developed, with Network Solutions, Inc., or NSI, serving as the sole registrar of top-level domains until October 1998.
1. ICANN was officially established by the Internet Assigned Names Authority, or IANA, and NSI on September 30, 1998 and has been the Internet's governing body ever since.
B. To this day, ICANN is run by a 19-member volunteer board of directors that represent countries from around the world.
C. Since its incorporation, ICANN has established market competition for generic domain name (gTLD) registrations resulting in a lowering of domain name costs by 80% and saving consumers and businesses over US$1 billion annually in domain registration fees...
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