Litecoin

This is one of the initial Altcoins, released in 2011. The prime modification of Litecoin over Bitcoin is the use of the script algorithm instead of SHA-256 used in Bitcoins. Also, the limit of coins for Litecoin is 84 million, compared to 21 million Bitcoins.

Litecoin was created in October, 2011, by a former Google engineer, with its prime focus to reduce the block generation time from Bitcoins from 10 minutes to 2.5 minutes. Due to faster block generation, the confirmation of a transaction is much faster in Litecoin compared to Bitcoin.