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ICANN has approved for internationalized domain names to be made available for the internet. This means that users can type in URLs with their own language like Chinese, Korean, Arabic etc..

China already has an international-to-latin domain translation system implemented within the country. So typing in “Goge” (in chinese) would translate to The new move by ICANN will officially allow DNS servers across the world to store multi-byte characters.  Although this capability has been there for sometime, various parties have objected to its use. The internationalized DN will be available in their individual countries first.

So internationalized DNS will now facilitate even more domain names resulting in an even more diluted and diverse internet.

Read more here and here.