Litecoin (LTC) platform was designed as a response to what was perceived as shortcomings of the core Bitcoin model. It aims to offer faster transactions, lower fees and higher numbers as its main advantages over its main rival Bitcoin.
The platform went live in October 2011. Its creator, former Google’s employee Charlie Lee wanted to offer a global decentralized payment network based on peer-to-peer tech and open source approach. Lee was primarily dissatisfied with Bitcoin’s long verification periods, slow transactions and rising transaction fees.
Litecoin is also exploring new ground when it comes to enhancing its privacy and fungibility-related features. As announced in February 2019, this is to be done mainly by integrating the Mimblewimble protocol with the help of the team behind the Beam coin. The Mimblewimble-powered LTC should offer better confidentiality of transactions made with it.