Releases are special copies of a dashboard that are frozen, which means that they can't be edited after creation. The main purpose of releases is that you can share a specific version of a dashboard with chosen groups (other departments, clients, etc.), while you are still able to work and enhance the original version of the dashboard. After updating your dashboard, you can create a new updated release and share it again.

After navigating to Dashboards in the main sidebar menu, you will have two tabs at the top of the page, where you can switch between Working versions (normally created/shared dashboards) and Releases.
While working versions and releases are technically all just dashboards, with these tabs you have an easy way of switching between your working versions of dashboards and your releases.
Splitting of working versions and releases of dashboard

You can create a release from any working version of a dashboard, either from the overview list or in edit mode of any working version. Regardless of which option you chose, you will end up with the same popup for creating a release.

While you are in the overview list of your working version dashboards, find the dashboard you want to create a release for and click on the three dots at the far right of your dashboard. After clicking you will get a context menu where you can select the Create release option.
Creating a release from the overview list

Navigate to any working version of a dashboard you want to create a release for by clicking on it in the overview list. Afterwards switch to edit mode and click on the three dotted button in the top right of the screen. After clicking you will get a context menu where you can select the Create release option.
Creating a release while in edit mode of a dashboard
You will only see the Create release option if you have write access to your dashboard.

After selecting Create release in any of the explained ways, a new popup will appear where you can configure certain options for your release.
Technically speaking, a release is not just a copy of a dashboard, it also copies all elements (Widgets, Datasets, Scripts, Linked Dashboards) that the dashboard is referencing. That's why the popup for creating a release is very similar to the Duplicate Tree functionality, which is described in detail here.
While creating a release also creates copies of all underlying elements, these elements are also frozen and will not be visible to you in their respective overview lists (widget overview list, dataset overview list, etc.)
After opening the create release popup, we can first see all the references your dashboard has behind the scenes and check if you have all the needed permissions and shares to create a release for this dashboard.
If you don't, you will see an error message telling you exactly what permissions you are missing or what element you don't have access to because they are not shared with you.
If you have every permission to create a release for the dashboard, you will see something similar to the following content:
Create release popup
In this modal, you will be able to set a Postfix. This postfix will be appended to every element's name that will be created during the duplication.
In addition, at the bottom of the popup, you can also see a list of all the elements that will be created during the creation of the release. Note that the names of these elements also include your selected Postfix.
Under the Share section, you will also have the option to immediately select groups you want to share the release with.
When you are happy with your settings, click the OK button to create the release. After everything was done successfully, you will be navigated to the newly created release.

You can view all the releases you've created or that have been shared with you in the dashboard overview list by selecting the Releases tab at the top.
To view a release just click on the one you want to open. A release is basically a dashboard that you are viewing with read-only access, which means that you can't go into edit mode and change it.

If you want to share a release, you can either select the groups you want to share your release with during the creation of the release as explained above, or via the normal sharing process like with any other element. Note that when sharing a release, you can't select any access type (Read/Write) like in other elements, because elements are always shared with read-only permissions.
When you have group management rights, you can also share releases in the settings of any group under the Elements section.

Deleting releases is not yet implemented, but will be delivered in a future release.

When someone shared a release with you that you want to change yourself, you have the option to create a duplicate of the complete release that you can edit afterward (so it basically creates a working version of a release).
To do that, navigate to the release you want to duplicate, select the three dotted button in the top right, and click on Duplicate Tree. This will start the process described in the duplicate tree section here. After creating a duplicate you will be able to see all the elements in their respective lists, with the owner set to you.
Creating a duplicate of a release
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Dashboard / Release overview
Creating a release
Viewing releases
Sharing releases
Deleting releases
Creating a duplicate of a release