Litecoin is a peer-to-peer digital currency that helps to make instant online payments for anyone anywhere. You can perform Litecoin exchange on our website, BestRate.org. Being technically almost identical to Bitcoin, Litecoin is still different. It uses a scrypt-based mining proof-of-work algorithm that is targeted at regular computers, and thus can be mined with consumer-grade hardware. With Litecoin you can make transaction confirmations 4 times faster than with Bitcoin, which reduces potential bottlenecks. The Litecoin network total capacity is 84 mln units.
The purpose of Litecoin is to provide a mining algorithm that can be run simultaneously with Bitcoin on the same hardware. As the special ASICs for Bitcoin continue to get more popular, Litecoin fulfills these goals.