An altcoin based on the Scrypt mining algorithm and is mined by the proof-of-work method. Introduced to the public in October 2011. Was the first major cryptocurrency produced since the introduction of bitcoin in 2009. Despite the introduction of many new cryptocurrencies since that time, Litecoin holds the number two spot in in popularity behind bitcoin.
Malone, J.A (2015). Glossary of Bitcoin Terms and Definitions. United States: Lulu Press, Inc