Although it shares the same ideas as Bitcoin, Litecoin serves more as a means of buying and transactions. Also, Litecoin uses a different algorithm (called "scrypt"). Litecoin network has its own cryptocurrency LTC.
Litecoin blockchain uses the Proof-of-Work concept, which means LTC coins can be mined. Any user who supports the network with an electronic device and validates the transactions can be rewarded with LTC coins.