Products in the system may or may not be versioned. If you decide to add versions to a product, then you must decide whether you want to give your versions names, or give them numbers. Once you select a naming convention, you are stuck with it, so consider carefully whether you want the first release to be named "1.0.0" or "Tiger".

You can't change the name or number of a version once it has been created. Allowing this would create havoc in task and faq followups.

As you can see, the version numbering the standard major-minor-point, with the additional possibility of the alpha or beta suffixes. When adding new versions to a numbered product, the system will calculate what it thinks is the next logical number.