Icann will continue its role of internet governance for another three to seven years following a new contract by the US Department of Commerce.
The department's National Telecommunications and Information Administration (NTIA) said Icann's new contract to perform the Internet Assigned Numbers Authority functions (IANA) will begin on 1 October 2012.
The non-profit body has been fulfilling IANA functions, such as the co-ordination of internet protocol address space and the management of domain name registration, since it was first established in 1998.
Before that, the US government controlled the internet domain name system.
"This contract reflects the input of stakeholders from around the globe and serves as an affirmation of support for Icann and the multi-stakeholder model," said Akram Atallah, Icann president and interim chief executive.
Icann confirmed in June that former RosettaNet founder Fadi Chehadé would take over as its new chief executive.
Chehadé, who succeeds Atallah, will take up the position on the same day as the new contract starts.
Upon taking over, Chehadé will be taxed with overseeing the ongoing rollout of a new set of generic top-level domains (gTLD).
Icann recently announced the list of firms that applied for control of the generic domains. The process, thus far, has been a rocky road which has included a pair of shutdowns over technical glitches and unintentional data disclosures which have delayed the process by several weeks.
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