A domain name is a unique name on the internet. You can register a domain name for an annual fee, it is then your domain name and you can, for example, refer it to another domain name, link it to a web hosting package, or simply pre-register to use it later.
A domain name is made up of a second-level domain (SLD) and a top-level domain (TLD). A top-level domain is the part after the period (for example .com) and a second-level domain is the part before it. For example, our domain name digitpipe.com is made up of the second-level domain "digitpipe" and the top-level domain ".com".
What can I do with a domain name?
Usually a domain name is used in combination with web hosting. Your domain name is then linked to the web hosting package to display a website on it. It is also possible to refer a domain name to another domain name (which does contain a website, for example). Often domain names are also recorded for later use, so that no one else can register your name in the meantime.