The Internet's domain-name system (DNS) was formalized in the late 1990s by the Internet Corporation for Assigned Names and Numbers (ICANN). I was ICANN's founding chairman, and we more or less followed the rules of trademarks, with an overlay of "first come, first served."
In short, if you could show that you owned a trademark, you could get the ".com" domain for that name, unless someone else with a similar claim had gotten there first.
Our mission was to create competition for Network Solutions, the monopoly player at the time, but we did so only in part. Network Solutions retained control of the .com registry, whereas we created a competitive market for the reseller business whereby registrars sold names directly to users.
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