How would you architect alphabetical versions of an object

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Let’s say I had an object, and I wanted to have an Alpha version letter on it

would you build the
Master Object

and then a version object
1 A
2 B
3 C

and then link it

Master Object

Rid Version
xyz 1
zzz 2

and then let’s say I want only one to be active

add an is_active boolean? and then use actions to flag the most current as true?

Thanks for any thoughts,

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