Litecoin was founded in 2011, by an engineer named Charlie Lee. It is almost similar to Bitcoin, which both promotes peer-to-peer system and uses Proof-of-Work (PoW) algorithm to secure their network. However, the major difference between Litecoin and Bitcoin are the use of hashing algorithm, which is Scrypt instead of SHA-256, the low block time and very small transaction fees.
Litecoin plans to improve its transaction speed throughout the years. In 2017, Litecoin adopted Segregated Witness (SegWit), which helps to increase the block size limit. Then, Lightning Network was introduced in the same year to conduct faster and cheaper transaction. Recently, Litecoin plans to pursue MimbleWimble development, which able to improves blockchain's privacy and increase its scalability.