diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6b28e7f6..1f4469a9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,18 +1,28 @@
 # Changelog:
 
+### 0.5.0 - December 18 2023
 
-### February 15, 2023
-* **Fixes:** 
-    - Package has been cleaned-up for working with Python 3.10
-### 0.4.29.1
+#### New User Features
+
+- Added toggle for enabling users to deactivate deepcopying. This is done by passing an additional object on the `ExecutionContext`, eg. `ExecutionContext(mode, additional_objs={'deepcopy_off': True})`
+
+#### New Submodules
+
+- A collection of type annotations for encapsuling `cadCAD` projects is now implemented through the `cadCAD.types` submodules
+- Added `cadCAD.tools` as a submodule, which is originated from the `cadCAD_tools` Python package. This submodule contains several helper functions for making the simulation experience more straightforward as well as a collection of performance profiling tools.
+- Added `cadCAD.diagram` as a submodule, which is originated from the `cadCAD_diagram` Python package. This submodule contains functions for programatically generating block diagrams from existing models.
+- More informative error messages when policies and SUFs are wrongly implemented. (Issues #288 and #258)
+
+#### Backend Improvements
+
+- Merged repo with the `cadCAD_legacy_devel`, which includes performance improvements. In particular, simulations will start up faster due to code optimizations.
+- `cadCAD` now uses `pytest` as the testing framework. This was made possible by isolating the existing tests and wrapping them into functions. 
 
-#### Changes
-- Parallel executor uses the context manager handling the Process Pool lifetime
+#### Fixes
 
-### 0.4.29
+- cadCAD is now Python 3.10+ compatible (Issue #306 and #301)
+- Proper support for `ExecutionMode.single_mode` (Issue #253 and #254)
 
-- Merged repo with the `cadCAD_tweaked`, which includes performance improvements
-- Python 3.10 compatible
 ### September 28, 2021
 #### New Features:
 * **ver. ≥ `0.4.28`:**
diff --git a/README.md b/README.md
index e5151fa8..ea165f20 100644
--- a/README.md
+++ b/README.md
@@ -4,7 +4,7 @@
  / ___/ __` / __  / /   / /| | / / / /
 / /__/ /_/ / /_/ / /___/ ___ |/ /_/ /
 \___/\__,_/\__,_/\____/_/  |_/_____/
-by cadCAD                  ver. 0.4.28
+by cadCAD                  ver. 0.5.0
 ======================================
        Complex Adaptive Dynamics       
        o       i        e
@@ -20,7 +20,7 @@ through simulation, with support for Monte Carlo methods, A/B testing and parame
 
 # Getting Started
 
-#### Change Log: [ver. 0.4.28](CHANGELOG.md)
+#### Change Log: [ver. 0.5.0](CHANGELOG.md)
 
 [Previous Stable Release (No Longer Supported)](https://github.com/cadCAD-org/cadCAD/tree/b9cc6b2e4af15d6361d60d6ec059246ab8fbf6da)
 
@@ -47,7 +47,7 @@ $
 ## 1. Installation: 
 Requires [>= Python 3.6.13](https://www.python.org/downloads/) 
 
-**Option A:** Install Using **[pip](https://pypi.org/project/cadCAD/0.4.28/)** 
+**Option A:** Install Using **[pip](https://pypi.org/project/cadCAD/)** 
 ```bash
 pip3 install cadCAD
 ```
diff --git a/cadCAD/__init__.py b/cadCAD/__init__.py
index fbfbaf52..8a276188 100644
--- a/cadCAD/__init__.py
+++ b/cadCAD/__init__.py
@@ -2,7 +2,7 @@
 from cadCAD.configuration import Experiment
 
 name = "cadCAD"
-version = "0.4.28"
+version = "0.5.0"
 experiment = Experiment()
 configs = experiment.configs
 
diff --git a/setup.py b/setup.py
index eef999fa..785f3aee 100644
--- a/setup.py
+++ b/setup.py
@@ -21,7 +21,7 @@
 """
 
 name = "cadCAD"
-version = "0.4.29"
+version = "0.5.0"
 
 setup(name=name,
       version=version,