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Litecoin (LTC) is a type of cryptocurrency that was created by former Google employee Charlie Lee in 2011. It functions similarly to bitcoin, but with a higher maximum number of coins that can be mined. 84 million litecoins will be produced, which is 4 times as many currency units as bitcoin. Litecoin blocks can also be created faster, once every 2.5 minutes compared to Bitcoin’s algorithm which is one block every 10 minutes. It also offers features such as Segregated Witness and the Lightning Network which allows for faster processing at lower cost.