Litecoin was built based on Bitcoin. But Charlie Lee, used the Scrypt algorithm in its Proof-of-Work Model, making it a faster and safer cryptocurrency, and also more accessible to an LTC miner who may not own high-performance machines.
As compared to other major cryptocurrencies, Litecoin offers lowered transaction fees, making it a more economic choice for transactions.
As it is quite similar to Bitcoin, all major wallets can be used to store Litecoin.
