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Litecoin was released in the year 2011. It is a cryptocurrency derived from the Bitcoin model. Charlie Lee, MIT graduate and former Google engineer, is the creator of this currency. Litecoin is fundamentally based on a global open source payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects such as block generation rate, which is faster and mainly due to the use of proof of work scrypt.
The launch of the currency had as its main objective to be an alternative to the BTC. It would be for "silver" while Bitcoin would be the "gold". It is a "peer-to-peer" digital currency. It is a totally decentralized global payment payment network. Litecoin was developed with the aim of improving Bitcoin's shortcomings and gaining industry support along with increased trading volume and good liquidity.
Another important differential is that the currency was designed to expand at volumes four times higher than Bitcoin, and at a faster rate (1/4 of Bitcoin's time). Overall, Litecoin is seen as the second currency derived from Bitcoin in value, but emphasizing that Litecoins are more easily obtained and transacted.