I know tezos has a self-governance process in which bakers vote. If in the future old tezos tokens need update possibly due to technological innovation or bugs, what will be done to old tezos tokens? I assume that old software code in old token need to be replaced with new software code of new token. Is my assumption correct? If it is correct, will old tokens be recycled? Do individual owner (which is only only coins for long term and not baker) need to do anything to keep up with the update?For example, maybe a swap of token or burning of old tokens? Or Will there be different market price for old tokens and new tokens?
My later thought:
Having tezos tokens meaning the ledger record entry, which is produced by a transaction signed by my private key. We don't have to do anything other than keeping private key safe. Therefore even if I leave my tezos token unattended for ten years or longer in an old hardware wallet which has not updated for ten years or longer, as long as I have my private key, I still have the tezos tokens, the blockchain update will be done by developers. Is my thought correct?