Litecoin is a form of Internet currency that works on a peer-to-peer network structure, allowing you to make immediate payments anywhere in the world with low or no fees. It is completely decentralized without any kind of regulation by any authority.
It is a payment method that is established globally. Due to the use of mathematics, the network remains secure and individuals are empowered to completely control their finances. There is better storage efficiency along with faster transaction confirmations than other traditional forms of payments. It is a medium of commerce which is quite complimentary to the more famous Bitcoin. It has been increasing in industry support, liquidity and trade volume.
The transactions are recorded in a ledger which most clients have access to, known as blockchain. Within the blockchain, a new block is added after every 2.4 minutes. This happens whenever there is enough hash value found in the proof-of-work scheme. This means that every transaction is completed after six blocks or within 15 minutes. However, when smaller transactions are involved, fewer than six blocks would also be ideal.
Litecoin is very similar to Bitcoin (https://crypterum.kayako.com/en-gb/article/21-what-is-bitcoin) because both these cryptocurrencies are based on blocking technology.