The Rolling Release Development Model
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It would seem that some confusion has arisen due to the regular (and somewhat rapid) occurrence of new Manjaro releases. This confusion has been compounded still further by the use of version numbers (for example: 18.0.2,18.1 and so on), a custom normally associated with the Standard Release Development Model, where a brand-new release of an operating system must be re-installed over an old version in order to access any new features provided.
However, Manjaro uses a Rolling Release Development Model, whereby rather than being replaced, the same core system will instead be continually updated and upgraded. As such it is not, nor will it ever be, necessary to re-install a later release of Manjaro in order to enjoy the very latest and most up-to-date system possible. By virtue of keeping an existing installation updated, it is already running the latest release.
An overview of the three repositories that Manjaro uses to manage its packages can be found here
Why are new versions of Manjaro being released?
These releases are more accurately new snapshots of the Manjaro system. Just like photographs, these snapshots are in essence images that portray the Manjaro system at a particular point in its development. As such, one purpose they serve is to help the developers to both chart and evaluate the continued development of the Manjaro system, as it is of course easier to pick up on the finer details from a single image than from a moving picture.
Since Manjaro is constantly rolling forward, a snapshot of the Manjaro system will very quickly become out of date. New snapshots are therefore released in order to make life easier for new users, who may otherwise be faced with the prospect of downloading huge volumes of new software packages to update and upgrade their newly installed systems from an older ISO.
Where these snapshots most obviously differ is in the choice of pre-installed software applications provided, as well as other smaller tweaks such as the default themes used, However, the core Manjaro system running underneath is the same and any applications added or removed from a particular snapshot can also be added or removed from an existing installation. And, of course, users will tweak and customise their own systems in accordance with their own personal preferences and tastes, anyway. Again, it is not important which release of Manjaro was initially installed. Provided it is kept up to date, that system will always be running the latest version available.
Why are new releases given version numbers?
Quite simply, version numbers have been assigned to snapshots of Manjaro by the developers to help them clearly mark each stage of its development. They also help differentiate between the ISO files released at certain periods of time.