Litecoin (LTC) or popularly known as Bitcoin's silver was released on GitHub in October 2011 by Charlie Lee. It was given its name as Bitcoin's silver for a particular reason as Lee wants to go along with Bitcoin rather than against it. . only 84 million coins will ever be generated to counter deflation in price. It has an avg. block time of 2.5 minutes means it aims to process a block with this much time. It uses 'Scrypt' in its POW(Proof-of-work algorithm).