diff --git a/.pending/breaking/sdk/4250-BaseApp-Query-r b/.pending/breaking/sdk/4250-BaseApp-Query-r
new file mode 100644
index 00000000000..0adee63c8da
--- /dev/null
+++ b/.pending/breaking/sdk/4250-BaseApp-Query-r
@@ -0,0 +1,3 @@
+#4250 BaseApp.Query() returns app's version string set via BaseApp.SetAppVersion()
+when handling /app/version queries instead of the version string passed as build
+flag at compile time.
diff --git a/.pending/features/sdk/4250-New-BaseApp-Set b/.pending/features/sdk/4250-New-BaseApp-Set
new file mode 100644
index 00000000000..11edde4a00b
--- /dev/null
+++ b/.pending/features/sdk/4250-New-BaseApp-Set
@@ -0,0 +1 @@
+#4250 New BaseApp.{,Set}AppVersion() methods to get/set app's version string.
diff --git a/Makefile b/Makefile
index 3f489ae4745..5418e0f4d17 100644
--- a/Makefile
+++ b/Makefile
@@ -44,7 +44,8 @@ build_tags := $(strip $(build_tags))
 
 # process linker flags
 
-ldflags = -X github.com/cosmos/cosmos-sdk/version.Version=$(VERSION) \
+ldflags = -X github.com/cosmos/cosmos-sdk/version.Name=gaia \
+	-X github.com/cosmos/cosmos-sdk/version.Version=$(VERSION) \
 	-X github.com/cosmos/cosmos-sdk/version.Commit=$(COMMIT) \
   -X "github.com/cosmos/cosmos-sdk/version.BuildTags=$(build_tags)"
 
diff --git a/baseapp/baseapp.go b/baseapp/baseapp.go
index 119450dc5b9..0ad9f2309d4 100644
--- a/baseapp/baseapp.go
+++ b/baseapp/baseapp.go
@@ -20,7 +20,6 @@ import (
 	"github.com/cosmos/cosmos-sdk/codec"
 	"github.com/cosmos/cosmos-sdk/store"
 	sdk "github.com/cosmos/cosmos-sdk/types"
-	"github.com/cosmos/cosmos-sdk/version"
 )
 
 // Key to store the consensus params in the main store.
@@ -85,6 +84,9 @@ type BaseApp struct {
 
 	// height at which to halt the chain and gracefully shutdown
 	haltHeight uint64
+
+	// application's version string
+	appVersion string
 }
 
 var _ abci.Application = (*BaseApp)(nil)
@@ -120,6 +122,11 @@ func (app *BaseApp) Name() string {
 	return app.name
 }
 
+// AppVersion returns the application's version string.
+func (app *BaseApp) AppVersion() string {
+	return app.appVersion
+}
+
 // Logger returns the logger of the BaseApp.
 func (app *BaseApp) Logger() log.Logger {
 	return app.logger
@@ -439,7 +446,7 @@ func handleQueryApp(app *BaseApp, path []string, req abci.RequestQuery) (res abc
 			return abci.ResponseQuery{
 				Code:      uint32(sdk.CodeOK),
 				Codespace: string(sdk.CodespaceRoot),
-				Value:     []byte(version.Version),
+				Value:     []byte(app.appVersion),
 			}
 
 		default:
diff --git a/baseapp/baseapp_test.go b/baseapp/baseapp_test.go
index c3d435f9f27..c552ed4d64e 100644
--- a/baseapp/baseapp_test.go
+++ b/baseapp/baseapp_test.go
@@ -130,6 +130,26 @@ func TestLoadVersion(t *testing.T) {
 	testLoadVersionHelper(t, app, int64(2), commitID2)
 }
 
+func TestAppVersionSetterGetter(t *testing.T) {
+	logger := defaultLogger()
+	pruningOpt := SetPruning(store.PruneSyncable)
+	db := dbm.NewMemDB()
+	name := t.Name()
+	app := NewBaseApp(name, logger, db, nil, pruningOpt)
+
+	require.Equal(t, "", app.AppVersion())
+	res := app.Query(abci.RequestQuery{Path: "app/version"})
+	require.True(t, res.IsOK())
+	require.Equal(t, "", string(res.Value))
+
+	versionString := "1.0.0"
+	app.SetAppVersion(versionString)
+	require.Equal(t, versionString, app.AppVersion())
+	res = app.Query(abci.RequestQuery{Path: "app/version"})
+	require.True(t, res.IsOK())
+	require.Equal(t, versionString, string(res.Value))
+}
+
 func TestLoadVersionInvalid(t *testing.T) {
 	logger := log.NewNopLogger()
 	pruningOpt := SetPruning(store.PruneSyncable)
@@ -226,6 +246,9 @@ func TestBaseAppOptionSeal(t *testing.T) {
 	require.Panics(t, func() {
 		app.SetName("")
 	})
+	require.Panics(t, func() {
+		app.SetAppVersion("")
+	})
 	require.Panics(t, func() {
 		app.SetDB(nil)
 	})
diff --git a/baseapp/options.go b/baseapp/options.go
index d78f59958a7..1062c45b448 100644
--- a/baseapp/options.go
+++ b/baseapp/options.go
@@ -40,6 +40,14 @@ func (app *BaseApp) SetName(name string) {
 	app.name = name
 }
 
+// SetAppVersion sets the application's version string.
+func (app *BaseApp) SetAppVersion(v string) {
+	if app.sealed {
+		panic("SetAppVersion() on sealed BaseApp")
+	}
+	app.appVersion = v
+}
+
 func (app *BaseApp) SetDB(db dbm.DB) {
 	if app.sealed {
 		panic("SetDB() on sealed BaseApp")
diff --git a/cmd/gaia/Makefile b/cmd/gaia/Makefile
index 66710ffc67f..8715aa75bd2 100644
--- a/cmd/gaia/Makefile
+++ b/cmd/gaia/Makefile
@@ -43,7 +43,8 @@ build_tags := $(strip $(build_tags))
 
 # process linker flags
 
-ldflags = -X github.com/cosmos/cosmos-sdk/version.Version=$(VERSION) \
+ldflags = -X github.com/cosmos/cosmos-sdk/version.Name=gaia \
+	-X github.com/cosmos/cosmos-sdk/version.Version=$(VERSION) \
 	-X github.com/cosmos/cosmos-sdk/version.Commit=$(COMMIT) \
   -X "github.com/cosmos/cosmos-sdk/version.BuildTags=$(build_tags)"
 
diff --git a/cmd/gaia/app/app.go b/cmd/gaia/app/app.go
index 3ff83747de4..5c732aff81f 100644
--- a/cmd/gaia/app/app.go
+++ b/cmd/gaia/app/app.go
@@ -9,6 +9,7 @@ import (
 	bam "github.com/cosmos/cosmos-sdk/baseapp"
 	"github.com/cosmos/cosmos-sdk/codec"
 	sdk "github.com/cosmos/cosmos-sdk/types"
+	"github.com/cosmos/cosmos-sdk/version"
 	"github.com/cosmos/cosmos-sdk/x/auth"
 	"github.com/cosmos/cosmos-sdk/x/bank"
 	"github.com/cosmos/cosmos-sdk/x/crisis"
@@ -78,6 +79,7 @@ func NewGaiaApp(logger log.Logger, db dbm.DB, traceStore io.Writer, loadLatest b
 
 	bApp := bam.NewBaseApp(appName, logger, db, auth.DefaultTxDecoder(cdc), baseAppOptions...)
 	bApp.SetCommitMultiStoreTracer(traceStore)
+	bApp.SetAppVersion(version.Version)
 
 	var app = &GaiaApp{
 		BaseApp:          bApp,
diff --git a/version/command.go b/version/command.go
index c3ff71df10e..b886a9f24e4 100644
--- a/version/command.go
+++ b/version/command.go
@@ -16,7 +16,8 @@ const (
 
 var (
 
-	// VersionCmd prints out the current sdk version
+	// VersionCmd prints out the application's version
+	// information passed via build flags.
 	VersionCmd = &cobra.Command{
 		Use:   "version",
 		Short: "Print the app version",
@@ -24,12 +25,12 @@ var (
 			verInfo := newVersionInfo()
 
 			if !viper.GetBool(flagLong) {
-				fmt.Println(verInfo.CosmosSDK)
+				fmt.Println(verInfo.Version)
 				return nil
 			}
 
 			if viper.GetString(cli.OutputFlag) != "json" {
-				fmt.Print(verInfo)
+				fmt.Println(verInfo)
 				return nil
 			}
 
diff --git a/version/version.go b/version/version.go
index aad02d1904d..c46f9deca63 100644
--- a/version/version.go
+++ b/version/version.go
@@ -1,4 +1,19 @@
-//nolint
+// This package is a convenience utility that provides SDK
+// consumers with a ready-to-use version command that
+// produces apps versioning information based on flags
+// passed at compile time.
+//
+// Configure the version command
+//
+// The version command can be just added to your cobra root command.
+// At build time, the variables Name, Version, Commit, GoSumHash, and
+// BuildTags can be passed as build flags as shown in the following
+// example:
+//
+//  go build -X github.com/cosmos/cosmos-sdk/version.Name=dapp \
+//   -X github.com/cosmos/cosmos-sdk/version.Version=1.0 \
+//   -X github.com/cosmos/cosmos-sdk/version.Commit=f0f7b7dab7e36c20b757cebce0e8f4fc5b95de60 \
+//   -X "github.com/cosmos/cosmos-sdk/version.BuildTags=linux darwin amd64"
 package version
 
 import (
@@ -6,16 +21,22 @@ import (
 	"runtime"
 )
 
-// Variables set by build flags
 var (
-	Commit    = ""
-	Version   = ""
+	// Application's name
+	Name = ""
+	// Application's version string
+	Version = ""
+	// Commit
+	Commit = ""
+	// Hash of the go.sum file
 	GoSumHash = ""
+	// Build tags
 	BuildTags = ""
 )
 
 type versionInfo struct {
-	CosmosSDK string `json:"cosmos_sdk"`
+	Name      string `json:"name"`
+	Version   string `json:"version"`
 	GitCommit string `json:"commit"`
 	GoSumHash string `json:"gosum_hash"`
 	BuildTags string `json:"build_tags"`
@@ -23,18 +44,19 @@ type versionInfo struct {
 }
 
 func (v versionInfo) String() string {
-	return fmt.Sprintf(`cosmos-sdk: %s
+	return fmt.Sprintf(`%s: %s
 git commit: %s
 go.sum hash: %s
 build tags: %s
-%s`, v.CosmosSDK, v.GitCommit, v.GoSumHash, v.BuildTags, v.GoVersion)
+%s`, v.Name, v.Version, v.GitCommit, v.GoSumHash, v.BuildTags, v.GoVersion)
 }
 
 func newVersionInfo() versionInfo {
 	return versionInfo{
+		Name,
 		Version,
 		Commit,
 		GoSumHash,
 		BuildTags,
-		fmt.Sprintf("go version %s %s/%s\n", runtime.Version(), runtime.GOOS, runtime.GOARCH)}
+		fmt.Sprintf("go version %s %s/%s", runtime.Version(), runtime.GOOS, runtime.GOARCH)}
 }