Explanation:

About Internet Corporation for Assigned Names and Numbers
? It was founded in 1998.The two most critical Internet resources viz. the authoritative root zone server and Internet names & addresses system are managed by ICANN, which is under contract with the U.S. Department of Commerce.
? Therefore, ICANN is subjected to U.S Laws in all aspects. ICANN oversees the assignment of globally unique identifiers on the Internet, including domain names, Internet Protocol (IP) addresses, application port numbers in the transport protocols, and many other parameters.
? This creates a globally unified namespace that is essential for the global reach of the Internet. ICANN itself is governed by an international board of directors drawn from across the Internet technical, business, academic, and other non-commercial communities.