Description: Versioning provides the ability to modify content/metadata of a content item while having the original document still available.
Software: All - This requires a specific license.
Published: Finalized document. Documents can only have one published version.
Draft: Temporary state of an edited document going through changes. Documents in draft states are inaccessible, unless you have Versioning rights to that documents Security class.
Archive: Former published version of a document. This is no longer accessible unless you have version rights in the documents Security Class.
Draft Archive: Former state of a revised Draft. Unpublished version of a draft.
Published Versions are listed as 1.0, 2.0, 3.0 - etc.
Drafts will always have a number after the period. 1.1, 2.1, 2.2 - etc
The current version/draft version if it isn't published will always be the highest number and have a lock displayed.