There is no need to trust ICANN, except for perhaps acknowledging that there are other systems for domain allocation that aren't going to go away and that other people will be interested in using. I don't see any sort of DNS replacement system suggesting that the ICANN domains should be ignored, merely that they ought to be depreciated with new systems. The history of ICANN is one of a small group of self-appointed individuals trying to gain control over the resources of the internet for their own personal financial gain. It also concentrates this authority in such a way that allows governments to exert political influence upon the allocation of domain names for political purposes that have nothing to do with the technical operations of the internet. One of the points of setting up a peer-to-peer domain allocation system is precisely to get away from this central authority.
There is a sort of libertarian/anarchist bent to the whole notion of creating an alternate DNS system, which is one of the motivations for why this is being set up in the way being described. Otherwise, I guess you can accept the system as promoted by ICANN.
I think we're on the same page here. I didn't make it very clear, but my whole "At the end of the day you have to trust ICANN" line was part of the problem statement, so to speak. I didn't mean to indicate that was something that is just a given, but rather the principle problem that I'm hoping this can work around.
I quoted Karl Auerbach, a former director of ICANN and a leading computer & software engineer involved in domain registration, who pointed out that there is no need for a monolithic TLD structure. I challenge this notion entirely as something which is outdated, but that is a debate that can be left to another day. For me, restricting this to a single TLD or a small group of TLDs is not even necessary and I think anybody registering domains on this system should also be given the option to create some arbitrary TLDs at will too. The DNS system does not require TLDs to function, and in particular a system with a peer-to-peer domain registration certainly doesn't need TLDs either.
In principle, I absolutely agree. But the reality of the situation is that people are used to the current system, so eliminating TLDs just increases the barrier to entry. At this point, most web users have a mental model of how web addresses are formed that pretty much assumes a hierarchical system. We ignore that at our peril.
Furthermore, allowing arbitrary TLDs effectively guarantees that someone is going to register some of the existing domains. This is a huge problem in how I envision a system like this being used. Since I doubt most people are going to just cut themselves off from the existing Internet to live in our corner of the network, the best we could hope for right now is a system where you get DNS names from a DNS server supporting BitDNS, and if it can't find it, it falls back to the existing DNS system. That works great until you have a conflict, at which point you may end up with a different server then intended. The beauty of using a new TLD, and forcing everything to fall under that, is that you are implicitly declaring your intention to go to a BitDNS name. There is no surprise that you went to a server specified in the BitDNS network, since it isn't even valid in the existing system. And vice-versa for standard names.
When we look at the design of the system, we should definitely allow for the possibility of arbitrary TLDs, since that is clearly a desirable feature in the long-run. But for now, it makes sense to me to limit TLDs so that this new system could be integrated into existing usage models as seamlessly as possible.