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How does assembly versioning work?

  •  There is an assembly's version called the compatibility version. 
  •  Version number is defined by four numeric parts (e.g. 5.5.3.11). 
  •  Both the name and the version of the referenced assembly are included in each reference to an assembly. 
  •  The two parts of assembly is normally seen as incompatible, but if third part is different than assemblies are deemed as 'may be compatible', and if the only fourth part of an assembly is different than assembly is compatible. 
  •  We can specify version policy in the application configuration file. 
  •  We cannot apply versioning to private assemblies; it is applied only to shared  assemblies.