To say shortly - faster and lighter analog of bitcoin with its own significant features. Since it’s creation Litecoin has become one of the leaders in capitalization amount and now he is on the 7th position on the coinmarketcap rating.
At first, Litecoin was a fork of Bitcoin Core client and was planned as a “silver” bitcoin, like a smaller brother that will have more accelerated block creation speed and which can support a greater transactions values with fewer fees when compared to the Bitcoin. In about 3 years Litecoin has become the second most popular altcoin on the market and had one of the biggest capitalization value reaching top 5 positions on the coinmarketcap rating.
Blockchain - Litecoin was created to handle a great value of transactions and is based on SegWit(Segregated Witness) and Lightning Network technologies. They are used to increase the speed of confirmation of blocks. Blocks in Litecoin Network created 4x time faster than in Bitcoin blockchain (2.5 minutes to 10 if compare with Bitcoin).
First of all - it’s more convenient for customers, to receive approvals of their transactions faster. Due to the price of Litecoin and the amount of fees, block confirmation can be also a good advantage for sellers. The fees won’t really affect the prices of the goods and the funds will be delivered in just a couple of minutes.
Mining - Litecoin uses a Scrypt algorithm which determines the process of new blocks creation. Comparing to SHA-256 it’s more affordable for individual miners and needed less time and energy to create a new block. For now, a reward for each block is 25 LTC. It halved every 4 years. The total amount of LTC that is planned to be issued is 84 mln. (21 mln in Bitcoin)
To sum up, here is a comparison of LTC and BTC: