Litecoin (LTC) is an open-source peer-to-peer cryptocurrency and global payment system created in 2011 by former Google employee Charlie Lee. Litecoin is often referred to as "digital silver" in relation to the "digital gold" of Bitcoin due to the similarities in technology, but with key improvements. It uses the Scrypt algorithm instead of SHA-256, allowing for more efficient mining hardware and faster transactions. Litecoin's network transactions are confirmed faster and typically have lower fees compared to Bitcoin, making it attractive for daily transactions and micropayments.