What is Litecoin?
Litecoin released in 2011, created by Charlie Lee, as a fork of the Bitcoin client. As of the time of this writing, Litecoin is the fifth largest cryptocurrency by market cap with a total value of over $13 Billion USD.
The main changes from the original Bitcoin client built into Litecoin upon launch were a much lower block generation time, an increased maximum circulation of coins, and a different hashing algorithm.
In 2015, Litecoin was the first of the major cryptocurrencies to employ Segregated Witness and later that year, Lightning Network transactions.
A few facts:
Litecoin's algorithm discourages the use of specialized mining equipment (ASICs)
The focus is on 'instant, near-zero cost [peer-to-peer] payments'
The block reward is currently 25 LTC per block, which halves around every 4 years