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How the domain name industry works - part 1

Registry, Registrar, Registrant, (Registratum, Registrata, Registrunt). Ok, so the last 3 are made up words, and the domain name industry wasn't really founded in ancient Rome nor part of your everyday Latin dialect, but what do the first three words actually mean and how does the domain name industry work? We've been working in the industry for years, so we have a pretty good idea. But we can also understand why all this really can just sound like ancient Greek to many people and not mean a thing. So in the spirit of lifting the lid and keeping things honest (as Gandi likes to do), we thought we'd give you a quick overview of what it all means.