From a technical standpoint, CloudFlare offers authoritative DNS, a function of the domain name system that Web sites use to identify themselves on the Internet, with a twist.
But before an overseer can sell its name to a registrar, it has to determine who will be eligible to use the name and provide the technology that will enable the domain to function.
With applications for nearly 2, 000 new domain names outstanding, each one of which will function as a miniature .com registry under the control of the winning bidder, the new territories will be exponentially harder to monitor than the existing world of .com, .edu, .gov and a handful of generics like .travel and .museum.
It is these attributes that allow the company to function as a small market cap company but still do the clinical development traditionally limited to the domain of big pharma.