It is seen as the “copper” or “silver” of cryptocurrencies, where Bitcoin would be gold. Litecoin was created by an MIT graduate and former Google engineer named Charlie Lee and launched on October 13, 2011. It is a fork of the Bitcoin client and is very similar to Bitcoin, but it has a faster block generation rate (4x – a block is mined every 2.5 minutes), uses a different hashing algorithm (scrypt) and allows for many more coins (84 million). It is based on an open-source cryptographic protocol and global payment network that is not controlled by any central authority and which has generated other digital coins. It has adopted the Segregated Witness technology.
It is compatible with the Bitcoin API.