It is a key protocol in the LAN environment especially for VLANs having Core Switch/Router in pair (High availability). Its protocol has been developed over time to encompass more features and expand the scope. For e.g. VRRP v3 (RFC5798) includes IPv6 support which was not available in its earlier versions.
Worth sharing here that both versions v2 and V3 not being compatible with each other and that every router in the LAN must speak the same version for VRRP to correctly function. Also, both do not support authentication.
Related- VRRP Configuration Scenario in Brocade Router
VRRP V2 vs V3
Below table will enlist the difference between VRRP v2 and VRRP v3 protocol –
Related- HSRP vs VRRP