ICANN, or the Internet Corporation for Assigned Names and Numbers, is a nonprofit organization that manages and coordinates the domain name system (DNS) and IP address allocation for the internet. It plays a crucial role in maintaining the stability and security of the internet's unique identifiers, ensuring that every domain name corresponds to a specific IP address, which is essential for directing internet traffic efficiently. ICANN's activities are vital for processes like domain name registration and dispute resolution, making it a key player in digital space governance.