This came from Matt Hardy's Commentary. You can check it out here

A lot of people ask me about the meaning of "Matt Hardy Version One." More specifically, what does the "Version One" part mean? Well, here’s your answer: I originally came up with the concept shortly after the now-famous No Mercy 1999 tag team Ladder Match. "Version One" commonly describes the idea behind a computer program or anything being the pioneering blueprint of a future line of products. I thought it would be cool if myself, Jeff, Edge and Christian could have formed a stable and claimed to be the prototypes of what modern-day sports entertainers should be. The four of us would deem ourselves "Version One" and have a very catchy hand sign. At the time, all four of us were good guys and I thought a battle between V1 and DX would have been entertaining. But as we all know, things didn’t go down like that in WWE history. I kept the V1 concept in the back of my mind and planned on using it later.

Random Comments Section:
I think that Christian is highly underrated and possibly the best bad guy in the business right now.

Credit: WWE.com