Lite coin is a type of digital centralized currency, that is, it is not created by any government. As we all know. Currency in every country is made according to the rules of the government there.
But this currency has not been made according to the orders of any government. It was made by some engineers for the convenience of the people. But its price fluctuates from time to time.
Its code is taken from the core code of bitcoin. It was created on 7 October 2011 by Charles Lee (who used to work in a Google company). He created it as a complement to bitcoin. Charles lee made some changes to the Lite coin.
They made changes here because they wanted this currency to be presented on a large scale, so they made a protocol according to their own.