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Domain Names is an address for world wide web always started with WWW and last is domains extension like .com .net or else, in English domains name is your business, web pages or website home address and to build your home you need the builder (Web Hosting), as i said on article "Hosting Companies" you need domain name and web hosting to launch your online business.
Since long ago as i remember people always keep arguing about most favorable domain extension on google eyes which can affect search engine results ranking, many people said that domain .com is gain the most favor and that why makes people hunting .com cool domains name for their business. But today the myth about extension domains solved by Google statement "Google Crawlers, Index or ranks make no different whatever your domain extension .in or .xyz .".
Today many new generic top-level domains (gTLDs) Google give some information about how these handled in search engine results, They said the only way domain extension have effect if they targeting their Geo Locations and you can do it using Google Webmaster Tool >> Search Traffic >> International Targeting >> Country Tab, for example, your domains use country code extension .in (India) or co.uk (united kingdom) so your website result rank will more relevant in those countries only, this will same effect if you using city or region extension like .london that mean the website will be more relevant in London only.