Litecoin offers quicker confirmation of transactions (at 150 seconds on average) than most other cryptocurrencies. Litecoin uses a memory-hard, mining proof-of-work algorithm that’s based on Scrypt so that it’s easily able to run on the typical CPU and GPU setups that most people have in their homes. Litecoin is limited to a total of 84 million currency units, and it shares its halving number of four years with bitcoin. Litecoin was created by Charles Lee, a Google employee. Litecoin has since been in second place behind Bitcoin and many other coins have copied it. Despite the imitators it still enjoys great support from users and its dedicated development team, which currently number 6 software developers, led by Charles Lee.
Litecoin implemented the SegWit scaling solution in May 2017, becoming the first of the Top 5 (as measured by market capitalization) cryptocurrencies to do so. During that same month, the first Lightning Network transaction was completed through Litecoin, transferring a small amount of Litecoin from Germany to the USA in less than a second.