Will I own the domain name after registration?

No, You own the right to use the name for a defined period of time. You will have to pay a renewal fee after your initial registration period expires, or face losing control of the domain name. You do not automatically have the right to keep the name forever, although in practice as long as you keep on paying for the name and it does not infringe on somebody's trademark or service mark, it is essentially yours to do what you want with it. 
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