A Replacement for Domain Names

One of the things that is stupid about the internet is domain name squatting. People find a potentially good domain name, buy it, have it sit there and maybe someone will buy it so you make an enormous profit.

We need a way to fix this. A lookup site to find and disambiguate entities on the internet. For example what if I could type in to Firefox the name of my old friend fred jones and find not fredjones.com but some way to first find the right fred, then creating a personal for-me-only mapping of the site and "fredjones"

Do you have any thoughts about this?