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How does updating existing smart contracts work?

Etherum Reddit

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Like if there's a smart contract that's already deployed and running, a new version of the contract gets implemented after sometime and that's deployed, this changes the bytecode and therefore changing the contract address. Does that mean the project will be mapped to a new smart contract? If that's the case will the data related to previous smart contract gets imported to the new one.

submitted by /u/Aakasmika
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