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What’s a Second-Generation Managed Package?
Each second-generation managed package follows a distinct lifecycle. As you develop your app, you add metadata to a package, and create a new package version. While the package is continually evolving, each package version is an immutable artifact.
A package version contains the set of metadata and features associated with the package version at the moment it was created. As you iterate on your package, and add, remove, or change the packaged metadata, you're likely to create many package versions along the way.
You can install a package version in a scratch, sandbox, trial, developer edition, or production org. Your customers can install the package into their org and when you release a new package version, your customers can upgrade to the latest version.
You can repeat the package development cycle any number of times. You can change metadata, create a package version, test the package version, and distribute it to your customers via AppExchange.