I found a 1.11.01 version thinking it was the 11 episodes, and it ended in about 50 mins, so what the heck the numbering system for this game is, it sucks!
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That is normal versioning for computer software. It has nothing to do with the amount of content in the game in terms of chapters.
1 = the first release of software. Before a game is released, when it's in an alpha or beta state, you'll normally see this as 0 and when an expansion for the base comes out, it generally becomes 2 and increases as there are new expansions for the base game.
The second part is the current version of the base game. When a game first comes up, it'll be something like 1.0 then as versions are updated which tend to be major patches but not expansions, it increases to something like 1.2 and 1.4 etc. Sometimes these are sequential or sometimes not. A game could go from 1.0 to 1.5 then to 1.8 before getting to 2.0.
Finally, the last number tends to be the build of that version. This can change when patches such as fixes are added. So you have 1.1.10 meaning you're on the first version of the base game that has had 1 patch and 10 minor patches/fixes.
This isn't the hard and fast rule, but the general rules.
No. Any other genre and less than 1.0 is beta, 1.0 is the full release and anything higher than 1.0 is the full game being patched. I have been gaming for 20 years, worked in the business, so know you are incorrect in terms of the general computer game market. Unfortunately, Adult VNs are a different breed, with 95% not being finished or are ever going to be finished, and yet are still on sale on Itch.io and steam. It is a borderline criminal genre.