Litecoin is a peer-to-peer digital currency system which relies on cryptography to secure payments between users on a public blockchain. It is fully open-source, decentralized, and utilizes the same blockchain concept that Bitcoin uses (since it is based on a fork of the Bitcoin core). What sets it apart from other competitors is its high scalability, very low transaction fees and faster transactions. Blocks are mined faster, although it is harder for nodes to mine Litecoin compared to other cryptocurrencies. It utilizes the Lightning Network, a peer-to-peer mesh network that opens payment channels between users to further reduce transaction times and provides a layer of anonymity. Litecoin is the unit of value of the system.
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.