Litecoin (LTC) was released in 2011 by its founder, Charlie Lee.
Litecoin was inspired by bitcoin, it aims to overcome shortcomings of bitcoin by being a faster electronic cash system. The total volume of litecoin is the four times of bitcoin's, 84 million litecoins. Its production reduction pace is same as bitcoin. The block time of litecoin is 2.5 minutes while it's 10 minutes for bitcoin. This results in faster transaction verifications.