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Litecoin was released by Charlie Lee back in 2011 as a "Light" version of Bitcoin. While Litecoin is based on the same technologies as Bitcoin, it can be defined by simply noting the differences in transaction times and costs.

Litecoin is not a fork of Bitcoin's but is instead considered an Altcoin since it's source code is different.

In the crypto community, many say that there are three main characteristics that a cryptocurrency should have: security, speed, and decentralization. While many currencies focus on two of the three characteristics, Litecoin was the first coin to implement the Lightning Network, which is a decentralized system of payment channels that facilitates almost instant and free transactions without compromising the security.

In addition, it takes on average around ¼ of the time for Litecoin transactions to be confirmed compared to Bitcoin transactions, due to a difference in the function of their mining protocol.

If you'd like to take a deeper dive into Litecoin, click here.

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