Litecoin is a cryptocurrency project that was created in 2011 as a fork of the Bitcoin Core client.
It is an open source, peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is based on the same codebase as Bitcoin, but with some modifications to its consensus mechanism and block time. The main difference between Litecoin and Bitcoin is that Litecoin has a faster block time of 2.
5 minutes compared to Bitcoin's 10 minutes. This means that transactions on the Litecoin network are confirmed faster than those on the Bitcoin network. Litecoin also uses a different hashing algorithm than Bitcoin, called Scrypt.
This algorithm is designed to be more memory intensive than SHA256, which is used by Bitcoin, making it more difficult for miners to use specialized hardware (ASICs) to mine Litecoin. This makes it easier for regular users to mine Litecoin using their own computers or GPUs (graphics processing units). In addition to faster transaction times and different mining algorithms, Litecoin also has some other features that make it unique from other cryptocurrencies.
For example, it has SegWit (Segregated Witness) support which allows for lower transaction fees and faster transaction times compared to other cryptocurrencies. It also supports Lightning Network which allows users to send payments instantly with very low fees. Finally, it has Atomic Swaps which allow users to exchange one cryptocurrency for another without having to go through an exchange or third party service provider.