The third edition ("Version 3") presents a fantasy game system coupled with the default setting of Jörðgarð. The game utilizes some concepts familiar to the d20 System but dispenses with class in favor of professions, skills, and traits.
The fourth edition ("Version 4") continues the evolution and refinement of the game, in addition to an expansion of the default setting.
Dungeons Daring refers to itself as an open game system. The game materials consist of a mix of components clearly designated as either open content under Open Game License or product identity, though the "open content" may have additional restrictions beyond the OGL.