Its good to take a backup before doing any update
mysqldump -hdb -uroot -p magento > storm_yyyymmdd.sql
Make sure if you have any third party extension that is compatible with the latest version of magento 2 or download it and update it for the same.
Below is the details steps for that !! run each command sequentially.
php bin/magento maintenance:enable
composer require magento/product-community-edition 2.3.4 --no-update
composer update
rm -rf var/cache/* var/page_cache/*
rm -rf generated/metadata/* generated/code/*
php bin/magento setup:upgrade
php bin/magento setup:di:compile
php bin/magento cache:clean && php bin/magento cache:flush
bin/magento maintenance:disable
Done