diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 0000000..ca85f43
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,9 @@
+# 0.1-a1
+
+Name: First alpha release.
+
+Major updates:
+
+* Integrate work from Arafat's magick-rubyplot into rubyplot after a full rewrite.
+* Automated test suite.
+* Integration with rubocop and Travis CI.
diff --git a/README.md b/README.md
index 9630a51..8af5fce 100644
--- a/README.md
+++ b/README.md
@@ -2,27 +2,27 @@
 An advanced plotting library for Ruby.
 
 **Rubyplot aims to be the most advanced visualization solution for Rubyists.**
+
 It aims to allow you to visualize anything, anywhere with a simple, Ruby-like API.
 
 # Roadmap by priority
 The release schedule and feature roadmap is as follows. Check issues labelled with
 the version tags for knowing what we're working on currently. Listed by priority.
 
-## Release v0.1.rc1
+## Release v0.1-a1
 Deadline: 15 January 2019
 
 * Support currently available plots fully with various customization options on Axes.
-* Fully automated testing infrastructure. Travis integration with rubocop.
-* Create a 'debug mode' for easy debugging.
+* Fully automated testing infrastructure. Travis integration with rubocop.xs
 
-## Release v0.1.rc2
+## Release v0.1-a2
 Deadline: 26 February 2019
 
 * Integrate GR backend into existing API.
 * Support multiple Axes on the same Figure. 
 * Support atleast 3 new kinds of plots.
 
-## Release v0.1.rc3
+## Release v0.1-a3
 Deadline: 15 April 2019
 
 * Support atleast 3 new kinds of plots.
@@ -36,3 +36,14 @@ Rubyplot's long term vision, by priority:
 * Generate various types of publication quality plots.
 * Interactive plotting using QT/GTK.
 * Interactive or static plots for web backend.
+
+# Release cycle
+
+The library is currently in alpha stage. Version `0.1.0` is designated to be the
+first 'final' release. Until then we will utilize various numbering schemes in the
+third position of the version number to denote alpha, beta and RC releases. They
+are as follows:
+
+* `a` for `alpha`. For example `0.1-a1` is the first alpha release.
+* `b` for `beta`. For example `0.1-b1` is the first beta release.
+* `rc` for `RC`. For example `0.1-rc1` is the first RC release.
diff --git a/lib/rubyplot/version.rb b/lib/rubyplot/version.rb
index 3598147..ffb8a78 100644
--- a/lib/rubyplot/version.rb
+++ b/lib/rubyplot/version.rb
@@ -1,3 +1,3 @@
 module Rubyplot
-  VERSION = '0.0.1'.freeze
+  VERSION = '0.1-a1'.freeze
 end