The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.
Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks). The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.