Litecoin, commonly known as LTC or Ł is a P2P cryptocurrency and uses scrypt in its POW.
Litecoin creation is based on an open source software project under MIT/X11 license and its transfers are not managed by any central authority.
It is used as a mean for cheaper (near zero cost) and everyday-use transactions.
LTC claims to be the fourth-largest true cryptocurrency by market capitalization.
Read more here: https://litecoin.org