Well, this is called semantic versioning (semver) and it is the most popular versioning system out there: https://semver.org/

However I see software variants where simple numbers work as well, e.g. Firmware code that runs on totally self contained hardware is often just versioned with simple integers, that is because most updates (releases) of that software contain both features and bugfixws and "breaking changes" don't apply to stuff that doesn't read or write files. So you could use semver and have 1.50.0, 1.51.0, 1.52.0 forever, but by that point you can just give it aimple integer versions.