Litecoin is a peer-to-peer (P2P) cryptocurrency and a public blockchain. It is an open source project, similar to Bitcoin, but using a different cryptographic algorithm. This gives Litecoin the ability to process more transactions with shorter block generation periods and cheaper fees.
Litecoin is called the bitcoin of all altcoins. Mainly because it has similar functionality to Bitcoin and acts as a P2P monetary system focused on decentralization and security. It was supposed to be an ideal commercial digital asset for paying for services and goods in stores due to the instant confirmation of the transaction.
