diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7574f210..24981f6c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,13 +4,12 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
-## 0.4.2-dev
+## 0.5.0-dev
 
 ### Packaging
 
 - Minimum Rust version has been bumped to 1.37.0
 - Added Rust features `x11` and `wayland` to pick backends, with both enabled by default
-- Capitalized the default Alacritty.desktop file
 - Capitalized the Alacritty.desktop file
 
 ### Added
diff --git a/Cargo.lock b/Cargo.lock
index 62c50a8a..fa81654c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -15,9 +15,9 @@ dependencies = [
 
 [[package]]
 name = "alacritty"
-version = "0.4.2-dev"
+version = "0.5.0-dev"
 dependencies = [
- "alacritty_terminal 0.4.2-dev",
+ "alacritty_terminal 0.5.0-dev",
  "clap 2.33.0 (registry+https://github.com/rust-lang/crates.io-index)",
  "dirs 2.0.2 (registry+https://github.com/rust-lang/crates.io-index)",
  "embed-resource 1.3.1 (registry+https://github.com/rust-lang/crates.io-index)",
@@ -45,7 +45,7 @@ dependencies = [
 
 [[package]]
 name = "alacritty_terminal"
-version = "0.4.2-dev"
+version = "0.5.0-dev"
 dependencies = [
  "base64 0.11.0 (registry+https://github.com/rust-lang/crates.io-index)",
  "bitflags 1.2.1 (registry+https://github.com/rust-lang/crates.io-index)",
diff --git a/alacritty/Cargo.toml b/alacritty/Cargo.toml
index bfa36c24..7c12895c 100644
--- a/alacritty/Cargo.toml
+++ b/alacritty/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "alacritty"
-version = "0.4.2-dev"
+version = "0.5.0-dev"
 authors = ["Christian Duerr <contact@christianduerr.com>", "Joe Wilm <joe@jwilm.com>"]
 license = "Apache-2.0"
 description = "GPU-accelerated terminal emulator"
diff --git a/alacritty_terminal/Cargo.toml b/alacritty_terminal/Cargo.toml
index 2fe46d0d..17d68041 100644
--- a/alacritty_terminal/Cargo.toml
+++ b/alacritty_terminal/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "alacritty_terminal"
-version = "0.4.2-dev"
+version = "0.5.0-dev"
 authors = ["Christian Duerr <contact@christianduerr.com>", "Joe Wilm <joe@jwilm.com>"]
 license = "Apache-2.0"
 description = "Library for writing terminal emulators"
diff --git a/extra/alacritty.man b/extra/alacritty.man
index 79a9c487..9d56a78b 100644
--- a/extra/alacritty.man
+++ b/extra/alacritty.man
@@ -1,4 +1,4 @@
-.TH ALACRITTY "1" "August 2018" "alacritty 0.4.2-dev" "User Commands"
+.TH ALACRITTY "1" "August 2018" "alacritty 0.5.0-dev" "User Commands"
 .SH NAME
 alacritty \- a cross-platform, gpu-accelerated terminal emulator
 .SH "SYNOPSIS"
diff --git a/extra/linux/io.alacritty.Alacritty.appdata.xml b/extra/linux/io.alacritty.Alacritty.appdata.xml
index f14b5413..89581655 100644
--- a/extra/linux/io.alacritty.Alacritty.appdata.xml
+++ b/extra/linux/io.alacritty.Alacritty.appdata.xml
@@ -28,7 +28,7 @@ However, it does allow configuration of many aspects of the terminal.</p>
   <url type="homepage">https://github.com/alacritty/alacritty</url>
   <url type="bugtracker">https://github.com/alacritty/alacritty/issues</url>
   <releases>
-    <release version="0.4.2-dev" date="2019-06-16" unix_timestamp="1560694196"/>
+    <release version="0.5.0-dev" date="2019-06-16" unix_timestamp="1560694196"/>
   </releases>
   <update_contact>https://github.com/alacritty/alacritty/blob/master/CONTRIBUTING.md#contact</update_contact>
   <developer_name>Joe Wilm</developer_name>
diff --git a/extra/linux/redhat/alacritty.spec b/extra/linux/redhat/alacritty.spec
index 75c00280..96527325 100644
--- a/extra/linux/redhat/alacritty.spec
+++ b/extra/linux/redhat/alacritty.spec
@@ -1,5 +1,5 @@
 Name:          alacritty
-Version:       0.4.2-dev
+Version:       0.5.0-dev
 Release:       1%{?dist}
 Summary:       A cross-platform, GPU enhanced terminal emulator
 License:       ASL 2.0
diff --git a/extra/linux/snap/snapcraft.yaml b/extra/linux/snap/snapcraft.yaml
index 5b9394a6..0a6bd0e5 100644
--- a/extra/linux/snap/snapcraft.yaml
+++ b/extra/linux/snap/snapcraft.yaml
@@ -1,5 +1,5 @@
 name: alacritty
-version: '0.4.2-dev'
+version: '0.5.0-dev'
 summary: Modern, GPU accelerated terminal emulator
 description: |
   Alacritty is a terminal emulator with a strong focus on simplicity and
diff --git a/extra/osx/Alacritty.app/Contents/Info.plist b/extra/osx/Alacritty.app/Contents/Info.plist
index 93f4bbb4..06689b1c 100644
--- a/extra/osx/Alacritty.app/Contents/Info.plist
+++ b/extra/osx/Alacritty.app/Contents/Info.plist
@@ -15,7 +15,7 @@
   <key>CFBundlePackageType</key>
   <string>APPL</string>
   <key>CFBundleShortVersionString</key>
-  <string>0.4.2-dev</string>
+  <string>0.5.0-dev</string>
   <key>CFBundleSupportedPlatforms</key>
   <array>
     <string>MacOSX</string>
diff --git a/extra/windows/wix/alacritty.wxs b/extra/windows/wix/alacritty.wxs
index cd66059d..1b9a101c 100644
--- a/extra/windows/wix/alacritty.wxs
+++ b/extra/windows/wix/alacritty.wxs
@@ -2,7 +2,7 @@
 <Wix xmlns="http://schemas.microsoft.com/wix/2006/wi"
     xmlns:util="http://schemas.microsoft.com/wix/UtilExtension">
 
-    <Product Name="Alacritty" Id="*" UpgradeCode="87c21c74-dbd5-4584-89d5-46d9cd0c40a7" Language="1033" Codepage="1252" Version="0.4.2-dev" Manufacturer="Alacritty">
+    <Product Name="Alacritty" Id="*" UpgradeCode="87c21c74-dbd5-4584-89d5-46d9cd0c40a7" Language="1033" Codepage="1252" Version="0.5.0-dev" Manufacturer="Alacritty">
         <Package InstallerVersion="200" Compressed="yes" InstallScope="perMachine"/>
         <MajorUpgrade AllowSameVersionUpgrades="yes" DowngradeErrorMessage="A newer version of [ProductName] is already installed."/>
         <Icon Id="AlacrittyIco" SourceFile="..\extra\windows\alacritty.ico"/>