ICANN has approved a controversial dotcom contract that will see VeriSign handed control of the internet's most famous product forever.

The controversy reigns over several elements in the new contract. For one, it provides VeriSign with a "presumptive right of renewal" over the dotcom registry - effectively handing one company complete control of all dotcom domains forever.

Twinned with this, the contract enables VeriSign to raise its prices by seven percent a year for the next six years (although it will have to justify rises in two of those years). VeriSign will also be given control of all expiring domain names - now the biggest market on the internet.

In return for the contract, VeriSign will drop its ruinous lawsuits against ICANN and also recognise ICANN as the internet's de facto authority, ending an historic split at the top of the internet.
It's funny when two entities do it it's called business and when individuals do it it's called blackmail.