Hello @Aneek ,
VRRP is a standard based non proprietary first hop redundancy protocol that allows to provide default gateway redundancy to end user PCs that can specify a single default gateway.
see
https://tools.ietf.org/html/rfc3768
VRRP is the multi vendor equivalent of Cisco HSRP.
Main differences are:
in VRRP pre-emption is enabled by default
in VRRP the VIP addresss can be equal to the LAN address of the master router using only two IP addresses instead of three.
In this case however, the VIP is associated to the primary router until its LAN interface fails.
The virtual MAC address is specified in section 7.3
The virtual router MAC address associated with a virtual router is an
IEEE 802 MAC Address in the following format:
00-00-5E-00-01-{VRID} (in hex in internet standard bit-order)
The first three octets are derived from the IANA's OUI. The next two
octets (00-01) indicate the address block assigned to the VRRP
protocol. {VRID} is the VRRP Virtual Router Identifier. This
mapping provides for up to 255 VRRP routers on a network.
the VRID is actually the VRRP group so the MAC address is not derived from the VIP address
To be noted VRRP version 3 has been published in
https://tools.ietf.org/html/rfc5798
Hope to help
Giuseppe