What are the potential pitfalls of using outdated versions of Smarty with PHP, and how can developers update to prevent errors and improve functionality?

Using outdated versions of Smarty with PHP can lead to security vulnerabilities, compatibility issues with newer PHP versions, and missing out on performance improvements and new features. To prevent errors and improve functionality, developers should regularly update their Smarty library to the latest version.

// Example code to update Smarty library to the latest version
composer require smarty/smarty