Definition: Litecoin is a peer-to-peer cryptocurrency and an improved technical spin-off of Bitcoin.
Key Improvements:
Faster Speed : It processes a block every 2.5 minutes (4x faster than Bitcoin), leading to quicker transaction confirmations.
Higher Supply : The total supply is capped at 84 million coins, which is four times the amount of Bitcoin.
Different Algorithm : It uses the Scrypt algorithm. Before specialized mining hardware (ASICs) existed, this made it easier to mine using regular computers.