Litecoin was developed as a fork of the Bitcoin core setup, developer name is Charlie Lee in October 2011 on GitHub. There is no such a difference between Bitcoin and Litecoin, they are almost identical, but this former Google employee, developed Litecoin as an improved flaws of the Bitcoin, so Litecoin have almost zero payment costs a faster facilitating payments. This fact of faster facilitating payments is the core difference between Litecoin and Bitcoin, also called block generation time, Bitcoin time is almost 10 minutes, while Litecoin reduce approximately 2,5 minutes. Also, there is difference with the hashing algorithm and graphical user interface that have been developed differently compared to Bitcoin.
Traditional financial system is centralized and we can observe this in a fact that banks and government are controlling the flow of the value. On the other side Litecoin is completely independent from any institution and central authority, which means that there is no third party in creation and transfer of Litecoin. Security of the system is guaranteed by cryptographic protocols.
What is it worth?
The price has been volatile from the launch in 2011. Some historically point came during the November 2013, when Litecoin market capitalisation increase to over 1 billion USD. Since the adoption of the any cryptocurrency is rising, so it is rising demand for cryptocurrencies like Bitcoin, and with the rise of demand, the price is also rising. Litecoin market cap is over 2.4USD billion which is making it the fifth largest cryptocurrency by market capitalisation. There are currently 52,5 million LTC in circulation and supply is limited to 84 million LTC.
Security has also been innovated compared to Bitcoin. Litecoin security is using a scrypt algorithm in its processing. This offers improved resistance to double spending coins but also need greater memory.
Technology called Lighting network technology has been tested in May 2017, and the transfer of 0.00000001 LTC from Zurich to San Francisco was done in less than one second. This technology is also advantage to the Bitcoin because it is reducing bottleneck and allow a greater number of transaction to be processed per unit time.