Litecoin is a peer-to-peer cryptocurrency and open-source softwareproject released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, litecoin is nearly identical to Bitcoin.
Read more about Litecoin and its features on Wikipedia.