This post is one of a series of posts I am writing where I try to apply the Feynman Technique to a number of different crypto token projects. You can find the rest here. None of this should be taken as investment advice. They are just meant to be simple introductions to the projects.
Litecoin is a computer to computer Internet currency. It is largely based off of Bitcoin but differs in a few ways.
The first way that Litecoin differs from Bitcoin is that it can approve transactions quicker. The typical transaction time for Bitcoin takes about 10 minutes, whereas for Litecoin it takes about 2.5 minutes. Because it can process transactions faster, it therefore also is able to process more.
The second way Litecoin differs from Bitcoin is that it has lower fees. So each transaction on its network costs less to send.
Litecoin is intended to serve as a complement to Bitcoin and not to replace it. Because it doesn’t require as much consensus as Bitcoin does to make changes, it typically adopts changes to its code before Bitcoin does.