Litecoin is a cryptocurrency created by Charlie Lee 2011.
Lee announced litecoin on Bitcoin Talk 1 while working at Google. He launched litecoin using code that was very similar to bitcoin, save for a few key differences that aimed to solve the transaction speed and scalability of bitcoin.
Litecoin was originally a fork of bitcoin, intended to serve as “silver to Bitcoin’s gold”, rather than to compete with it.
Lee sought to make litecoin technically distinct from bitcoin in two different ways. First, he aimed to make it possible for the average consumer to mine the coin using consumer grade hardware, as opposed to the specialized mining hardware that bitcoin utilizes. Second, Lee sought to create a network that allowed for faster and cheaper transactions (approximately 2.5 minutes per transaction compared to the 10 minutes bitcoin offered).
This faster time and cheaper transaction fee was intended to enable consumers to use litecoin for smaller and more day-today transactions.