Bitcoin has many similarities with Litecoin. This one is also a peer to peer open source network. But like Bitcoin, Litecoin does not have any centralized authority. It hit the market in the year 2011. After that, Litecoin started spreading its wings on the cryptocurrency network. Litecoin is an identical part of Bitcoin, but there are some differences between these two. Litecoin network is much faster than any other cryptocurrency networks in the world. So the network processes its every block within 2.5 minutes while it's identical Bitcoin takes 10 minutes to process. Litecoin utilizes a scrypt in its algorithm. This one is a sequential memory that requires higher memory even more than an algorithm.