Litecoin is Open-Source (open for public development), and is a fully decentralized global payments network with no central authority. Complex Mathematical algorithms secure networks and empower individuals to take control of their own finances. litecoin has faster transaction confirmation times and better storage efficiency than other leading cryptographic currencies. with substantial industry support, trading volume and liquidity, Litecoin is a trading medium that has proven to be complementary to Bitcoin.
So in simple terms, Litecoin or known as the LTC unit as a whole is almost the same as Bitcoin (BTC), which is a blockchain-based decentralized currency that can be used to make transactions around the world by eliminating third parties (intermediaries), or so-calledwith Peer-to-Peer (Individual-to-Individual), so that the guarantee of transaction security can be obtained in full.