ArcSDE uses delta tables for versioned data. The business table is created when the FC is created. When you registar a FC as version two tables are created: A table for adds and D table for deletes. When you make an edit in ArcMap, the business table is never changed. The delta tables should contain the same fields as your buisness table with a couple additional fields. Each record in the delta tables has a state value with it. When ArcMap uses that FC it looks for the most current state value for each feature.
If you:
add a feature:
a new record is added to the A table for the new feature. The ObjectID in the A table is the next unique available number for that FC. No records are added to the business table.
delete a feature:
a new record is added to the D table to remove the feature. The ObjectID in the D table is the feature's ObjectID.
update/change a feature:
a new record is added to the D table to remove the feature. Next, a new record is added to A table to reflect the feature's new position/attributes/geometry. The ObjectID for both records is the feature's ObjectID. State for both A and D records are the same.
When ever a new record is added to either A or D table, the state is next highest available state. So if a feature has 3 records in the A table and 2 in the D table, ArcMap will only use the records with the highest state.
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It is normally a bad idea to edit or change the A and D tables since ArcSDE has several built in checks to handle changes to these tables and changing them manually can break the FC.
However, to view which delta tables are associated with a certain FC:
1. Open an SDE connection in ArcCatalog
2. Right click on a FC and select the properties option
3. Click the Index tab
4. The number associated with the spatial index is typically the number used for the A and D tables (ex A751_IX will have A table as a A751 table and a D751 table.
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The A and D tables and states table can get really big after while so it is a good idea to compress your SDE every so often which removes outdated records in these tables.
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This is the short version of ArcSDE version and is not 100% true in all cases. But it should get you started.