Litecoin is a decentralized, open-source cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It is often referred to as the “silver to Bitcoin’s gold” due to its similar characteristics and use case to Bitcoin. Litecoin uses a different cryptographic algorithm (Scrypt) compared to Bitcoin (SHA-256) and has faster block times and a larger total supply. Litecoin’s primary use case is as a peer-to-peer electronic cash system that enables near-instant, low-cost payments anywhere in the world. Like Bitcoin, Litecoin is a decentralized currency that operates on a distributed ledger technology called a blockchain.