Litecoin is a P2P cryptocurrency
, which is based on the Bitcoin protocol. The main difference is in hashing algorithm. Litecoin uses “Scrypt” algorithm instead of Bitcoin’s “SHA256”. You will need more computing power to mine Scrypt-based coins and you also will use considerably computer memory for this process.
Another difference is about block generation time. Litecoin process a block every 2.5 minutes, but Bitcoin does it every 10 minutes. This characteristic makes Litecoin transaction confirmations to be faster.
Litecoin is an open source and completely decentralized payment network. Your transactions will be instantly processed, with a high level of mathematical-proven security and without considerable fees.