Updated display data structure standard enables premier out-of-box experience for 4K resolutions and beyond, High Dynamic Range (HDR), augmented/virtual reality (AR/VR) and other advanced features.... VESA Rolls Out DisplayID Version 2.0 Standard
No, this is about a new standard for information the display sends to the system so it knows what the specs are of the display and what standards it supports. Hence the name DisplayID 2.0
Hopefully the E-DDC (Enhanced Display Data Channel) used in current digital mediums like HDMI either minimally or does not need to be updated at all for it to communicate using DisplayID 2.0.