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Litecoin is a decentralized digital currency, similar to Bitcoin, that uses a peer-to-peer network to facilitate transactions. It was created in 2011 by Charlie Lee, a former Google employee, as a "lite" version of Bitcoin. Litecoin uses a different algorithm for mining, called Scrypt, which is designed to be more memory-intensive and therefore less susceptible to specialized hardware (ASICs) that can mine Bitcoin more efficiently. Litecoin also has faster transaction processing times and a larger maximum supply of coins (84 million compared to Bitcoin's 21 million). Overall, Litecoin is often considered to be a "silver to Bitcoin's gold" in terms of its position in the cryptocurrency market.