Litecoin (LTC) is a digital currency which operates on a peer-to-peer basis and facilitates lightning fast currency exchanges and payments across the globe. The software is open source, allowing for the creation and exchange of coins based on a cryptographic protocol, without being managed by any centralized authority.
Created in 2011 by former Google engineer, Charles Lee, Litecoin offers a faster mining block generation time and a much increased number of coins to Bitcoin. It was and remains one of the most successful forks of the Bitcoin network, and paved the way for future Bitcoin forks.
In May of 2017, the world’s first ‘Lightning Network’ transaction took place using Litecoin, where 0.00000001 LTC was transferred from Zurich to San Francisco in less than one second. The open-source Litecoin software can be downloaded, used, modified and distributed by individuals without fear of corruption, as the independent verification of source code and binaries makes for a completely transparent process.