Litencoin

Litecoin is known as a "lighter" version of Bitcoin because it is based on the same protocol and shares many of the features of Satoshi Nakamoto's cryptocurrency. For most of its ten-year history, Litecoin has ranked among the top 10 cryptocurrencies by market capitalization. LTC was created by Charlie Lee in October 2011. Lee is a former employee of Google and Coinbase whose idea was to complement Bitcoin by solving some of its problems, such as transaction times, fees, and others.

Charlie Lee took the core code from Bitcoin and made his own changes so that the protocol would function in a way he believed would best enable widespread adoption of the currency. In other words, his idea was to create a “lighter” version of Bitcoin. Litecoin is based on a global open-source payment network that is not controlled by any central authority and uses a "script" as proof of work, which can be decoded using user-side processes.

One of Litecoin’s main goals is to reduce block confirmation time. Although Litecoin is similar to Bitcoin in many respects, it has a faster block generation rate and consequently offers faster transaction confirmation times. Litecoin aims to provide fast, secure, and low-cost payments.