Introduced in 2001, the .biz extension was intended as a purely business and commercial domain. By this time most desirable .com extensions had been registered, so the thinking was that .biz would provide businesses with an alternative for their web presence. The reality is that .biz never reached the same elevation as .com (or even .org or .net), but it remains an inexpensive alternative for obtaining a premium name without paying the price the equivalent .com would cost.