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Eliminate top level domain names ....

It seems to me that top level domain names are unnecessary and introduce more problems than they fix.  I suggest that all top level domains are eliminated, and allow people to register company names without extensions.  If you want a top level domain, then you purchase your domain as a subdomain from the owner of the top domain. 
I realize that some technical issues arise from this suggestion, but I honestly don't believe that these issues are insurmountable.