The right to use a domain name is delegated by domain name registrars, which are accredited by the Internet Corporation for Assigned Names and Numbers (ICANN), the organization charged with overseeing the name and number systems of the Internet. In addition to ICANN, each top-level domain (TLD) is maintained and serviced technically by an administrative organization operating a registry. A registry is responsible for maintaining the database of names registered within the TLD it administers. The registry receives registration information from each domain name registrar authorized to assign names in the corresponding TLD and publishes the information using a special service, the WHOIS protocol.
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When the Domain Name System was devised in the 1980s, the domain name space was divided into two main groups of domains. The country code top-level domains (ccTLD) were primarily based on the two-character territory codes of ISO-3166 country abbreviations. In addition, a group of seven generic top-level domains (gTLD) was implemented which represented a set of categories of names and multi-organizations. These were the domains gov, edu, com, mil, org, net, and int.
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Domain names serve to identify Internet resources, such as computers, networks, and services, with a text-based label that is easier to memorize than the numerical addresses used in the Internet protocols. A domain name may represent entire collections of such resources or individual instances. Individual Internet host computers use domain names as host identifiers, also called host names. The term host name is also used for the leaf labels in the domain name system, usually without further subordinate domain name space. Host names appear as a component in Uniform Resource Locators (URLs) for Internet resources such as web sites (e.g., en.wikipedia.org).
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I wanted to point out that you do not mention critical issues. One is that some of the Top 5 Hosting Services do not offer an e-mail account. Others charge $14.00 a year to transfer your a Domain Name and host it with them or else the domain owner does not get the hosting for free. The list of unpleasant conditions that render those top 5 Hosting Services substantially less appetizing than you painted the picture, and that list goes on and on.
Until 1991, the Internet was restricted to use only ...for research and education in the sciences and engineering... and was used for email, telnet, FTP and USENET traffic - but only a tiny number of web pages. The World Wide Web protocols had only just been written and not until the end of 1993 would there be a graphical web browser for Mac or Windows computers. Even after there was some opening up of internet access, the situation was confused until 1995.
Moving to another website consists of transferring the website’s files and databases, configuring your site with the new host, and directing your domain’s DNS to the new host. Once you pick a new site host, they can usually help you out with this process. The cost will depend on the host you’re switching to, but it will probably be anywhere from $150-$400.