Litecoin (LTC) is a peer-to-peer cryptocurrency created in 2011 by former Google engineer Charlie Lee as a 'lighter' version of Bitcoin. It features faster block generation times (approximately 2.5 minutes) and uses the Scrypt proof-of-work algorithm, which was initially more memory-intensive and accessible to individual miners. LTC is often used for everyday transactions, testing Bitcoin protocol improvements, and as a complementary digital currency in the broader ecosystem.