Litecoin is a cryptocurrency based on blockchain technology that was released via an open- source client on Github in late 2011 by a former Google employee named Charlie Lee, the same technology that is responsible for the deregulation and decentralization of most cryptocurrencies. It has substantial industry support, liquidity and trade volume and went live on 13th October 2011.
It is a peer-to-peer digital coin and open-source software cryptocurrency, its design and transaction is based on an open-source cryptographic protocol (blockchain). Although technically identical to the leading cryptocurrency (bitcoin), it has some minor differences, especially in value and adoption. Due to its adoption of a technology referred to as SegWit (Segregated Witness), Litecoin allows for a greater amount of transactions to be carried out by the network within a specific time frame and each transaction is at an almost zero payment cost. Its estimated transaction time is up to four times faster than that of bitcoin.
Litecoin became one of the top five competitive cryptocurrencies by market cap in May 2017 and since then it has been making waves in the digital coin world. It is accepted as a proven medium of commerce complementary to Bitcoin.