Many people assume that a domain name is purchased outright. In reality, a domain name is registered for a specific period and must be renewed to remain active.
Behind every domain name is a global system that helps keep the internet running smoothly.

ICANN
ICANN (Internet Corporation for Assigned Names and Numbers) is the global organization responsible for coordinating the domain name system and establishing policies for domain registrations.
Registry
A registry operator manages one or more top-level domains (TLDs) and maintains the authoritative registration database for those TLDs.
For example:
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.com is operated by Verisign
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.net is operated by Verisign
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.org is operated by Public Interest Registry (PIR)
Registrar
For gTLDs, an ICANN-accredited registrar enables customers to register, renew, transfer, and manage domain names.
RayName is operated by SevenX LLC, an ICANN-accredited registrar (IANA ID 4570).
Registrant
The Registrant is the individual or organization that registers and uses a domain name.
Your Relationship with RayName
You register and manage your domain name through RayName.
As long as the domain remains registered to you and you comply with the applicable registration terms and policies, you can continue using it.