diff --git a/Makefile b/Makefile
index 1ec6919..e27258f 100644
--- a/Makefile
+++ b/Makefile
@@ -7,7 +7,7 @@ SOURCEFILES := mfer/*.go mfer/*.proto internal/*/*.go cmd/*/*.go go.mod go.sum
 ARCH := $(shell uname -m)
 GITREV_BUILD := $(shell bash $(PWD)/bin/gitrev.sh)
 APPNAME := mfer
-VERSION := 1.0.0
+VERSION := 0.1.0
 export DOCKER_IMAGE_CACHE_DIR := $(HOME)/Library/Caches/Docker/$(APPNAME)-$(ARCH)
 GOLDFLAGS += -X main.Version=$(VERSION)
 GOLDFLAGS += -X main.Gitrev=$(GITREV_BUILD)
diff --git a/README.md b/README.md
index 99af8a2..37c5cc2 100644
--- a/README.md
+++ b/README.md
@@ -13,8 +13,9 @@ these files can be found in the [format specification](FORMAT.md) and the
 [protobuf schema](mfer/mf.proto), both included in the [project
 repository](https://git.eeqj.de/sneak/mfer).
 
-The current version is 1.0. [SemVer](https://semver.org) is used for
-releases.
+The current version is pre-1.0 and while the repo was published in 2022,
+there has not yet been any versioned release. [SemVer](https://semver.org)
+will be used for releases.
 
 This project was started by [@sneak](https://sneak.berlin) to scratch an
 itch in 2022 and is currently a one-person effort, though the goal is for