Litecoin (LTC) is a cryptocurrency that has been technically almost identical to Bitcoin. The creation and transmission of Litecoins is based on an open-source encryption protocol and therefore it is not controlled centrally.
A peer-to-peer network similar to that of Bitcoin, it manages all transactions, balance sheets and expenses. Litecoins are created by generating blocks based on a cryptographic hash function. This process of "finding" a hash is called mining. The rate at which Litecoins are generated forms a geometric series and halves every four years until a predefined total of Litecoins are reached (protection against inflation). Litecoins, like Bitcoins, can be created individually on a single computer, for one person or distributed on several systems that belong to several people, into so-called pools.
Litecoin was released on October 7, 2011 via an Open-Source-Client by Charlie Lee on GitHub.
Official Website: https://litecoin.org/