Litecoin is a peer-to-peer cryptocurrency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities.
It’s based on Bitcoin’s protocol but is specifically designed to ensure mining is cheaper and more effective than it is with Bitcoins. Litecoin’s protocol is decoded much easier by consumer-level GPUs than Bitcoin, which makes litecoin mining more accessible to the average person.
The cryptocurrency was launched by Charles Lee with support of members in the Bitcoin community on October 13th, 2011.