I also want to know if there will be updates, will there be?
Yes, the next public update is scheduled for November 3rd. But a quick word of advise: You shouldn't try to use your old save files with the newer version. RPGMaker, the program Spedumon uses for this game, is very finicky, and can't handle newer scripts in older save files very well. And between 0.15 and 0.16, there's an entire year's worth of updates inbetween! So, you'll be able to load your 0.15 save files in 0.16, but you'd always be at risk for bugs or glitches, like newer NPCs not showing up, or certain scripts not triggering. The safest route would be to use the prepackaged save files that come with 0.16, so people won't have to start from scratch. Those save files put you right at the end of the Pine Island quest, your group is level 22, you got a bunch of gold and all the items available in the game, and you can just change the Adventurer's name back to what you want at the ID machine at the Gloomy Forest. Plus, all the stuff that can be done in the game (scenes, easter eggs, quests) has already been done to this point in that save file, so you won't be missing out on anything by using it.