The ‘sister’ or ‘brother’ of bitcoin. Litecoin is a hard fork of the bitcoin. Hard fork is a software-based split of a running blockchain in which a new course of a blockchain is created. Charlie Lee, a former Google employee, created Litecoin in 2011 with the idea of improving and replacing the concept of bitcoin.
Improvement is the algorithm from SHA-256 to Scrypt, which allowed LTC to be mined by means of GPU, a higher number of coins to be issued and faster confirmations of transactions. In December 2017, Charlie Lee sold and donated all of his Litecoins. He would have done this in order to separate his influences on the value of Litecoin, for his own benefit.