This is some interesting info-

Registrant

No one in the world really "owns" a domain name except the Network Information Centre (NIC), or domain name registry. Most of the NICs in the world receive an annual fee from a legal user in order for the legal user to utilise the domain name (i.e. a sort of a leasing agreement exists, subject to the registry's terms and conditions). Depending on the various naming convention of the registries, legal users become commonly known as "registrants" or as "domain holders".

ICANN holds a complete list of domain registries in the world. One can find the legal user of a domain name by looking in the WHOIS database held by most domain registries.

For most of the more than 240 country code top-level domains (ccTLDs), the domain registries hold the authoritative WHOIS (Registrant, name servers, expiry dates etc). For instance, DENIC, Germany NIC holds the authoritative WHOIS to a .DE domain name.

However, some domain registries, such as VeriSign, use a registry-registrar model. There are hundreds of Domain Name Registrars that actually perform the domain name registration with the end-user, such as eNom. By using this method of distribution, the registry only has to manage the relationship with the registrar, and the registrar maintains the relationship with the end-users, or 'registrants'. For .COM, .NET domain names, the domain registries, VeriSign holds a basic WHOIS (registrar and name servers etc). One can find the detailed WHOIS (Registrant, name servers, expiry dates etc) at the registrars.

Since about 2001, most gTLD registries (.ORG, .BIZ, .INFO) have adopted a so-called "thick" registry approach, i.e. keeping the authoritative WHOIS with the various registries instead of the registrars.

so you register a domain but dont really own it?
I guess in a sense you are just renting it.

ICANN owns the domain, you just rent it for a year or so.

I think this is a pretty interesting issue that has not been legally tested. Sure ICANN can say they own the domains and they are just leasing them out, but with the way websites are developed and attached to a URL I can see a strong case being made if someone had their domain stripped from them by ICANN arbitrarily. I would suggest that ICANN would have to allow someone to use/lease a name as long as they meet the most basic criteria.

For example, if they just decided one day they did not want me to have the domain name icecreamcookiedough.com (I don't have it but it is an example), yet I have used the domain for 6 years and have a well-established business around it. I suggest as long as I am willing to pay the appropriate fees that they MUST allow me to use the name.

I would think at some point something will happen and this will get tested, but there is too much at stake to think that an arbitrary governing body can just take control of any business they want. It will simply not fly.

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What is in a NAME?

I really hope ICANN changes into a completely worldwide organization.
Because as it stands now, the internet and domain names are basically owned by America.

I agree with Homer.
It should be like the UN (but more effective) in that they need to hand over some control to the rest of the world too.

I would like to have thought that i own my own domain.. i mean i paid for it!

If that's true then would it be illegal for us to sell the domains? In the future would we have to give a certain percent to the registrars?