What are the objectives of ENS?

Could you please explain in detail the objectives of the Ethereum Name Service (ENS)? I'm particularly interested in understanding how it aims to revolutionize the way we interact with blockchain-based applications and services. What are the key features and functionalities that ENS offers, and how does it intend to improve the user experience within the cryptocurrency and finance sphere? Additionally, could you discuss any potential challenges or limitations that ENS might face in achieving its objectives? Thank you for your time and insight.