How do you share a project and make it be based on another project? Also, how do you update a project, and keep all the tags and comments?
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Do you mean how do you get a project to say underneath, based on so and so's project? If so you just download the project you want to remix (upper right corner of page) then make the changes you want made and upload again.
To update an already existing project upload the next version under the exact same name and it should replace the first.
Hopefully that should help you, tell me if you have any further questions.
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