The way that competition is supposed to work between registries, is that lots of companies go to ICANN and say “We think we can reliably manage .com, and we think it would cost us [$5] per domain.” ICANN reviews these bids and awards the .com contract, which lasts for a fixed period of time, to whomever they deem best-suited to the job. In this time, other companies can think of ways to manage .com better/cheaper, and try and win the next contract. This, in theory, would provide an incentive for registries to innovate, a big part of which would be in lowering costs.
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A great domain name is a concise, easy to type, and memorable URL that reflects your brand or your website’s subject matter. Avoid using hyphens, strings of numbers, or unnecessary words to make it easy for your visitors to remember and find your website. Remember: A great domain name is one that your visitors can type correctly on their first try.