Both version and release indicate particular points in the software development life cycle, or in the life cycle of a document. Both terms, version and release, are similar, i.e. pretty much the same thing, but there are minor differences between them.
Minor difference number 1: Version means a variation of an earlier or original type. For example, you might say, "I've downloaded the latest version of XYZ software from the Internet. The version number of this software is _____"
Minor difference number 2: Release is the act or instance of issuing something for publication, use, or distribution. Release means something thus released. For example, "Microsoft has just released their brand new gaming software known as _______"
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