Litecoin is, like Bitcoin, a distributed peer-to-peer digital money system that allows you to make fast payments at low cost. And that without a single financial institution. The team of Litecoin includes developers: Charlie Lee, Faisal Mehmood, Fan Yang, Johnson Lau, Franklyn Richards and Richard Macarthy. In addition, there is the Litecoin Foundation which is also led by founder Charlie Lee, Xinxi Wang and Franklyn Richards. Charlie Lee is a respected person and has the necessary performance behind his name. He has been a software engineer at Google and Director of Engineering at cryptocurrency exchange Coinbase.
Litecoin started in 2011 by former Google employee Charlie Lee. Litecoin can, as the name already betrays, be seen as the 'lite' version of Bitcoin. Litecoin has therefore arisen from a split of the Bitcoin blockchain. Where Bitcoin is seen as digital gold, Litecoin presents itself as digital silver. Both transaction costs and transaction times are lower at Litecoin.
The most obvious competitors for Litecoin are Bitcoin and Bitcoin Cash because these two coins have the same or roughly the same goal. Bitcoin Cash and Litecoin are both faster and cheaper than Bitcoin.
The maximum supply of LTC is 84 million. The rest will be created through mining over the years. The precise distribution of the current stock Litecoin is not known. What is known is that the 10 'richest' wallets together have about 7 million LTC. In addition, a total of 84 million Litecoin will come into circulation against 21 million Bitcoin. The innovation of Litecoin lies in the aim of becoming the lighter version of Bitcoin where transactions are processed faster and cheaper.