Litecoin was founded in 2011 by Charlie Lee – A Google engineer. Lee's main aim was to create a lighter version of Bitcoin that enabled faster and more efficient transactions. The underlying mechanisms are similar to Bitcoin. It uses a peer-to-peer network that connects users with each other so that they can send and receive money without the need for intermediaries.
Like Bitcoin, Litecoin also happens to be a deflationary currency and is capped at 84 million. To keep the circulating supply under control, the protocol goes through reward halving every 4 years or 840,000 blocks, until the reward goes down to 0. Litecoin is also known for its willingness to support new technologies. In particular, Litecoin was one of the first protocols to host Lightning Network, SegWit, and Atomic Swaps.