diff --git a/contrib/mock_main.cc b/contrib/mock_main.cc
index 03798ce..46f43fd 100644
--- a/contrib/mock_main.cc
+++ b/contrib/mock_main.cc
@@ -2,6 +2,14 @@
 #include <dlpack/dlpack.h>
 #include <dlpack/dlpackcpp.h>
 
+int CheckFlags(DLManagedTensorVersioned *data) {
+  if (data->flags & DLPACK_FLAG_BITMASK_READ_ONLY) {
+    return 0;
+  } else {
+    return 1;
+  }
+}
+
 int main() {
   dlpack::DLTContainer c;
   return 0;
diff --git a/docs/source/c_api.rst b/docs/source/c_api.rst
index 9ef9f64..87516ba 100644
--- a/docs/source/c_api.rst
+++ b/docs/source/c_api.rst
@@ -8,7 +8,9 @@ Macros
 
 .. doxygendefine:: DLPACK_EXTERN_C
 
-.. doxygendefine:: DLPACK_VERSION
+.. doxygendefine:: DLPACK_MAJOR_VERSION
+
+.. doxygendefine:: DLPACK_MINOR_VERSION
 
 .. doxygendefine:: DLPACK_DLL
 
@@ -22,6 +24,9 @@ Enumerations
 Structs
 ~~~~~~~
 
+.. doxygenstruct:: DLPackVersion
+   :members:
+
 .. doxygenstruct:: DLDevice
    :members:
 
@@ -33,3 +38,6 @@ Structs
 
 .. doxygenstruct:: DLManagedTensor
    :members:
+
+.. doxygenstruct:: DLManagedTensorVersioned
+   :members:
diff --git a/include/dlpack/dlpack.h b/include/dlpack/dlpack.h
index 6d51801..0bdc1fe 100644
--- a/include/dlpack/dlpack.h
+++ b/include/dlpack/dlpack.h
@@ -15,11 +15,11 @@
 #define DLPACK_EXTERN_C
 #endif
 
-/*! \brief The current version of dlpack */
-#define DLPACK_VERSION 80
+/*! \brief The current major version of dlpack */
+#define DLPACK_MAJOR_VERSION 1
 
-/*! \brief The current ABI version of dlpack */
-#define DLPACK_ABI_VERSION 1
+/*! \brief The current minor version of dlpack */
+#define DLPACK_MINOR_VERSION 0
 
 /*! \brief DLPACK_DLL prefix for windows */
 #ifdef _WIN32
@@ -38,6 +38,33 @@
 #ifdef __cplusplus
 extern "C" {
 #endif
+
+/*!
+ * \brief The DLPack version.
+ *
+ * A change in major version indicates that we have changed the
+ * data layout of the ABI - DLManagedTensorVersioned.
+ *
+ * A change in minor version indicates that we have added new
+ * code, such as a new device type, but the ABI is kept the same.
+ *
+ * If an obtained DLPack tensor has a major version that disagrees
+ * with the version number specified in this header file
+ * (i.e. major != DLPACK_MAJOR_VERSION), the consumer must call the deleter
+ * (and it is safe to do so). It is not safe to access any other fields
+ * as the memory layout will have changed.
+ *
+ * In the case of a minor version mismatch, the tensor can be safely used as
+ * long as the consumer knows how to interpret all fields. Minor version
+ * updates indicate the addition of enumeration values.
+ */
+typedef struct {
+  /*! \brief DLPack major version. */
+  uint32_t major;
+  /*! \brief DLPack minor version. */
+  uint32_t minor;
+} DLPackVersion;
+
 /*!
  * \brief The device type in DLDevice.
  */
@@ -211,6 +238,13 @@ typedef struct {
  *  not meant to transfer the tensor. When the borrowing framework doesn't need
  *  the tensor, it should call the deleter to notify the host that the resource
  *  is no longer needed.
+ *
+ * \note This data structure is used as Legacy DLManagedTensor
+ *       in DLPack exchange and is deprecated after DLPack v0.8
+ *       Use DLManagedTensorVersioned instead.
+ *       This data structure may get renamed or deleted in future versions.
+ *
+ * \sa DLManagedTensorVersioned
  */
 typedef struct DLManagedTensor {
   /*! \brief DLTensor which is being memory managed */
@@ -219,13 +253,65 @@ typedef struct DLManagedTensor {
    *   which DLManagedTensor is used in the framework. It can also be NULL.
    */
   void * manager_ctx;
-  /*! \brief Destructor signature void (*)(void*) - this should be called
-   *   to destruct manager_ctx which holds the DLManagedTensor. It can be NULL
-   *   if there is no way for the caller to provide a reasonable destructor.
-   *   The destructors deletes the argument self as well.
+  /*!
+   * \brief Destructor - this should be called
+   * to destruct the manager_ctx  which backs the DLManagedTensor. It can be
+   * NULL if there is no way for the caller to provide a reasonable destructor.
+   * The destructors deletes the argument self as well.
    */
   void (*deleter)(struct DLManagedTensor * self);
 } DLManagedTensor;
+
+// bit masks used in in the DLManagedTensorVersioned
+
+/*! \brief bit mask to indicate that the tensor is read only. */
+#define DLPACK_FLAG_BITMASK_READ_ONLY (1UL << 0UL)
+
+/*!
+ * \brief A versioned and managed C Tensor object, manage memory of DLTensor.
+ *
+ * This data structure is intended to facilitate the borrowing of DLTensor by
+ * another framework. It is not meant to transfer the tensor. When the borrowing
+ * framework doesn't need the tensor, it should call the deleter to notify the
+ * host that the resource is no longer needed.
+ *
+ * \note This is the current standard DLPack exchange data structure.
+ */
+struct DLManagedTensorVersioned {
+  /*!
+   * \brief The API and ABI version of the current managed Tensor
+   */
+  DLPackVersion version;
+  /*!
+   * \brief the context of the original host framework.
+   *
+   * Stores DLManagedTensorVersioned is used in the
+   * framework. It can also be NULL.
+   */
+  void *manager_ctx;
+  /*!
+   * \brief Destructor.
+   *
+   * This should be called to destruct manager_ctx which holds the DLManagedTensorVersioned.
+   * It can be NULL if there is no way for the caller to provide a reasonable
+   * destructor. The destructors deletes the argument self as well.
+   */
+  void (*deleter)(struct DLManagedTensorVersioned *self);
+  /*!
+   * \brief Additional bitmask flags information about the tensor.
+   *
+   * By default the flags should be set to 0.
+   *
+   * \note Future ABI changes should keep everything until this field
+   *       stable, to ensure that deleter can be correctly called.
+   *
+   * \sa DLPACK_FLAG_BITMASK_READ_ONLY
+   */
+  uint64_t flags;
+  /*! \brief DLTensor which is being memory managed */
+  DLTensor dl_tensor;
+};
+
 #ifdef __cplusplus
 }  // DLPACK_EXTERN_C
 #endif