What does the transaction version byte mean? What does the transaction version byte mean and what would happen if it was 02 instead of 01?

Example:

0200000001e45241797d5251bd0ed4bc085465998bd22df57d96fd4d72e0bfa509d2e6b55001000000754c5ac1a0faa5878bb47f881fb5449a7ad8d8b0b983e1ed85c0b86ba7c294fed0ba8db60453bb741096df85cca17746dfbfda46916be1fd2ad6c2c2d6dec6c6c624b7b7b7b78c4715bc6802aa22a801555400001800015628a00fffd918a914a13173eaf749408ea09f91cbc2f3ddf9433d118a8851ffffffff0122020000000000001976a914a9e39afc50fb08221811eb1351d060aed6f7224f88ac00000000
Firstly, the version number is actually 4 bytes. It is a 32 bit little endian integer.

The version number is used to signal specific support for some technologies. Specifically, a transaction must be version 2 in order to use OP_CHECKSEQUENCEVERIFY. Otherwise the transaction is exactly the same as a version 1 transaction. Only transaction versions 1 and 2 are considered standard.