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Right so anyone with the resources should be able to hook up their registering services to the rest of the internet.
Thing is the internet has already been designed to point towards ICANN for domain lookups. With a distributive setup, prices might come down, as well, but they'll all have to be hooked up!
ISPs will need to modify their systems as well (or maybe just the backbones). Its doable, unless ICANN gets hell bent on maintaining a monopoly. But even so its doable, technology cannot be stopped.
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