If you need to manage space within your database, you can set a data compression policy. Currently we allow you to permanently delete versions in the collaboration log. Be aware that the current version of compression is a LOSSY process (data will be permanently deleted). Take that into consideration when configuring a policy.
The actual compression of data happens during the maintenance window. Please check with your system administrators to confirm when maintenance is scheduled.
The number of versions is based on the major version and not the minor version. This means for a record on version 35.63 with a keep most recent 10 versions, it will keep all versions 26.0 +, rather than all versions 35.44+.