Ask HN: How would you reform domain registration/renewal?

It seems every startup confronts the linked challenges of picking a name and accompanying domain. ICANN's domain registration rules and fee structure encourage speculation, making it harder to find a quality domain. WHOIS proxies can make it impossible to even submit an offer to a domain owner.

How would you reform domain registration/renewal to encourage more transferability, treat current domain holders fairly, and preserve (or increase) ICANN revenue?