Litecoin is a type of cryptocurrency, similar to Bitcoin. It was created by Charlie Lee, a former Google engineer, in 2011. Litecoin is often referred to as the "silver to Bitcoin's gold" due to its similarities with Bitcoin but with some key differences.

One significant difference is the transaction speed. Litecoin transactions are confirmed faster than Bitcoin transactions because Litecoin's network can process a block every 2.5 minutes, compared to Bitcoin's 10 minutes. This faster block generation time allows for quicker transaction confirmations.

Another difference is the hashing algorithm used. Litecoin uses a different hashing algorithm called Scrypt, while Bitcoin uses SHA-256. Scrypt is generally considered to be more memory-intensive, which was intended to make mining Litecoin more decentralized and accessible to a wider range of miners.

Overall, Litecoin aims to provide faster and cheaper transactions compared to Bitcoin, making it a popular choice for those looking to make quick and cost-effective cryptocurrency transactions.