We use this naming scheme to differentiate between different game versions / builds. There's no version number stored on the disc that we know of, so a higher version number, say v1.1, is assigned purely to indicate that the EXE date or disc creation date is newer than the dump with the lower version number.

So higher version means newer game version, thanks very much for clearing that up!

What's the difference between Playstation disc versions (1.0, 1.1, 1.2, etc)?
Is it a disc protection version or is it a version of the game?

We use this naming scheme to differentiate between different game versions / builds. There's no version number stored on the disc that we know of, so a higher version number, say v1.1, is assigned purely to indicate that the EXE date or disc creation date is newer than the dump with the lower version number.