According to Litecoin's website, "Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities." What does this mean? It's a currency that can be used to pay people around the world with minimal transaction costs. You may think isn't this like Bitcoin? Well, the great thing about most cryptocurrencies are built on open source codebases, so the code for existing coins can be modified. Litecoin founder Charlie had two main objective when creating litecoin:
1. Reduce the amount of time required to confirm a new transaction
2. Change the Bitcoin mining algorithm (the way new coins are generated) to ensure anyone could participate in the network.