Litecoin

Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license.

Open-source software is computer software with its source code made available with a license in which the copyright holder provides the rights to study, change, and distribute the software to anyone and for any purpose.

A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

Peer-to-peer computing or networking is a distributed application architecture that partitions tasks or workloads between peers.

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Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.

A security protocol is an abstract or concrete protocol that performs a security-related function and applies cryptographic methods, often as sequences of cryptographic primitives.

While inspired by, and in most regards technically nearly identical to Bitcoin, Litecoin has some technical improvements over Bitcoin, and most other major cryptocurrencies, such as the adoption of Segregated Witness, and the Lightning Network.

The Lightning Network is a P2P system for making micropayments of digital currencies such as Bitcoin, Litecoin, or Vertcoin through a scale-free network of bidirectional payment channels without delegating custody of funds or trust to third parties.

Segregated Witness, or SegWit, is the name used for a soft fork change in the transaction format of the cryptocurrency Bitcoin which has already been implemented on currencies such as Litecoin, Digibyte, and Vertcoin.

Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator.

These effectively allow a greater number of transactions to be processed by the network in a given time, reducing potential bottlenecks, as seen with Bitcoin.

Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.