A domain name is simply a web address. For example, “www.yourbusinessname.com”. It is your online identity. It is also known as a URL, or a Uniform Resource Locator, which simply refers to a resource on the Internet (such as a document or an image) by its location.
Once you have registered a domain name with an Internet Registrar the domain name belongs to you and cannot be registered by any other party at that point, however, domain registrations are limited to a specified time and will expire after the time specified. Domain name renewals are necessary to protect your ownership.