Complex sentence: In 2008, IEEE 1588-2008 was released as a revised standard; also known as PTP Version 2, it improves accuracy, precision and robustness but is not backward compatible with the original 2002 version.
Split into simpler sentences: In 2008, a revised standard, IEEE 1588-2008 was released. This new version, also known as PTP Version 2, improves accuracy, precision and robustness but is not backwards compatible with the original 2002 version.