The practice of naming a new species is called “taxonomy” and can be lot of fun.

Taxonomy is the science of classifying organisms. The system currently used by taxonomists
 is called the Linnaean taxonomic system, in honor of Swedish biologist Carolus Linnaeus (1707 — 1778).
The Linnaean system breaks down organisms into seven major divisions, called taxa (singular: taxon).
The classifications also tell something about the degree of relation between different organisms.
For example, two ...
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