The most basic functionality of a domain name is to provide symbolic representations, i.e., recognizable names, to mostly numerically addressed Internet resources. This abstraction allows any resource (e.g., website) to be moved to a different physical location in the address topology of the network, globally or locally in an intranet, in effect changing the IP address. This translation from domain names to IP addresses (and vice versa) is accomplished with the global facilities of Domain Name System (DNS).
The Domain Name System makes it possible to assign domain names to groups of Internet users in a meaningful way, independent of each user’s physical location. Because of this, World-Wide Web (WWW) hyperlinks and Internet contact information can remain consistent and constant even if the current Internet routing arrangements change or the participant uses a mobile device. Also Internet domain names are easier to remember than IP addresses such as 208.77.188.166(IPv4) or 2001:db8:1f70::999:de8:7648:6e8 (IPv6). People take advantage of this when they recite meaningful URLs and e-mail addresses without having to know how the machine will actually locate them.
In general, the Domain Name System also stores other types of information, such as the list of mail servers that accept email for a given Internet domain. By providing a world-wide, distributed keyword-based redirection service, the Domain Name System is an essential component of the functionality of the Internet.
In plainer english, the domain name is the part you see after the WWW part of a website address. It is not necessary for you to even put the WWW in front of a website. You will get to most any website mearly by typing in the name and the extention such as .com .
There is also alot more than just the .com you normally see on a website. Now there are
Generic – .biz · .com · .info · .name · .net · .org · .pro
Sponsored – .aero · .asia · .cat · .coop · .edu · .gov · .int · .jobs · .mil · .mobi · .museum · .tel · .travel
Infrastructure – .arpa
For the most part the Generic are the most commonly used. The others are used for special needs like the military, educational institutions, government, etc…
Sparky