Litecoin is Open-Source (open for general development), and is a global payment network that is fully decentralized without central authority. A complicated mathematical algorithm secures networks and empowers individuals to control their own finances. Litecoin has a faster transaction confirmation time and better storage efficiency than other leading cryptographic currencies. With substantial industry support, trading volume and liquidity, Litecoin is a trading medium that has been proven to complement each other with Bitcoin.
So simply, Litecoin or known as the LTC unit as a whole is almost the same as Bitcoin (BTC), which is a decentralized blockchain-based currency that can be used to conduct transactions around the world by eliminating third parties (intermediaries), or commonly referred to as Peer-to -Peer (Individual-to-Individual), so the guarantee of transaction security can be obtained in full