Litecoin is considered to be the first successful altcoin on the crypto market. It was created in 2011 by developer Charlie Lee who is now the managing director of the Litecoin Foundation. The project altered some parts of Bitcoin’s code in order to build a more scalable blockchain network, aiming to process transactions faster. This then led to a number of projects also utilizing altered Bitcoin code for their networks.
As Litecoin emerges from Bitcoin, the core features of enabling cryptocurrency payments remain the same. By introducing a scalable blockchain, the project's developers focused on building a peer to peer cryptocurrency payment systems that can be easily accessed by merchants. Litecoin, represented by its ticker symbol LTC, facilitates cryptocurrency payments with low transaction fees. In comparison to Bitcoin, it handles more transactions per second thereby facilitating a use-case in the financial ecosystem. A different mining algorithm is also used to retrieve new LTC coins which allows new blocks to be added in just 2.5 minutes.
In February 2022, Litecoin launched a Mimblewimble upgrade which was done by integrating the Mimblewimble Extension Block (MWEB), created by David Burkett. Mimblewimble allows users to conceal transaction information, making it anonymous.