Domain Name is an unique alphanumeric name used to identify a particular web server or mail server on the Internet. It allows Internet users to type in a name, such as domainname.com, to identify a numeric address such as 000.00.00.000 known as IP Address.
It's an Online Brand or unique identity on the web. No two parties can have the same Domain Name registered. The process takes upto 48 hrs to fully take effect and show up on a whois query. Even if the name, because of any reason, does not show up in whois query after 24hr, be assured then you have been reserved for the registrant (the one who has applied for domain name registration) and the name cannot be used by anyone else into the office.
A domain name (for instance, "example.com") is an identification string that defines a realm of administrative autonomy, authority, or control on the Internet. Domain names are formed by the rules and procedures of the Domain Name System (DNS). Any name registered in the DNS is a domain name.
Domain names are used in various networking contexts and application-specific naming and addressing purposes. In general, a domain name represents an Internet Protocol (IP) resource, such as a personal computer used to access the Internet, a server computer hosting a web site, or the web site itself or any other service communicated via the Internet.
Domain names are usually written in lowercase, although labels in the Domain Name System are case-insensitive.
The right to use a domain name is delegated by domain name registrars, which are accredited by the Internet Corporation for Assigned Names and Numbers (ICANN), the organization charged with overseeing the name and number systems of the Internet. In addition to ICANN, each top-level domain (TLD) is maintained and serviced technically by an administrative organization operating a registry. A registry is responsible for maintaining the database of names registered within the TLD it administers. The registry receives registration information from each domain name registrar authorized to assign names in the corresponding TLD and publishes the information using a special service, the WHOIS protocol.
Registries and registrars usually charge an annual fee for the service of delegating a domain name to a user and providing a default set of name servers. Often, this transaction is termed a sale or lease of the domain name, and the registrant may sometimes be called an "owner", but no such legal relationship is actually associated with the transaction, only the exclusive right to use the domain name. More correctly, authorized users are known as "registrants" or as "domain holders".