Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
The transaction confirmation time taken for Litecoin is about 2.5 minutes on average (as compared to Bitcoin's 10 minutes). The Litecoin network is scheduled to cap at 84 million currency units.
https://bittrex.com/Market/Index?MarketName=BTC-LTC
Litecoin has inspired many other popular alternative currencies (eg. Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However it is said that by the end of this year, Scrypt ASIC will enter the mass market.
Monero (XMR) project lead Riccardo Spagni and Litecoin (LTC) creator Charlie Lee met this past week to discuss a partnership.
Charlie Lee has professed a desire for increased anonymity in the past with regard to Litecoin, he was quick to respond in his own indomitable manner with his own series of tweets. This highlights what is quickly becoming the future direction for cryptocurrency: on-chain atomic swaps, where two different coins can theoretically be exchanged in a secure and instant manner. On-chain atomic swap technology is set to revolutionize the current crypto industry, as it was enabled by the recently enacted SegWit changes that Litecoin first tested and Bitcoin finally adopted late last year
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