diff --git a/.vscode/c_cpp_properties.json b/.vscode/c_cpp_properties.json
new file mode 100644
index 000000000..0fbb13120
--- /dev/null
+++ b/.vscode/c_cpp_properties.json
@@ -0,0 +1,13 @@
+{
+    "configurations": [
+        {
+            "name": "Linux",
+            "includePath": [
+                "${workspaceFolder}/**",
+                "/usr/local/cuda/include",
+                "/opt/rocm/include"
+            ]
+        }
+    ],
+    "version": 4
+}
diff --git a/CITATION.cff b/CITATION.cff
index c3409a923..419497d27 100644
--- a/CITATION.cff
+++ b/CITATION.cff
@@ -1,6 +1,6 @@
 cff-version: 1.2.0
 title: "ARK: A GPU-driven system framework for scalable AI applications"
-version: 0.4.1
+version: 0.5.0
 message: >-
   If you use this project in your research, please cite it as below.
 authors:
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 1149d449d..7e7795fd9 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -2,8 +2,8 @@
 # Licensed under the MIT license.
 
 set(ARK_MAJOR "0")
-set(ARK_MINOR "4")
-set(ARK_PATCH "1")
+set(ARK_MINOR "5")
+set(ARK_PATCH "0")
 
 set(ARK_VERSION "${ARK_MAJOR}.${ARK_MINOR}.${ARK_PATCH}")
 set(ARK_SOVERSION "${ARK_MAJOR}.${ARK_MINOR}")
diff --git a/README.md b/README.md
index cff16fe24..769f972e4 100644
--- a/README.md
+++ b/README.md
@@ -13,6 +13,7 @@ A GPU-driven system framework for scalable AI applications.
 | Unit Tests (ROCm) | [![Unit Tests (ROCm)](https://github.com/microsoft/ark/actions/workflows/ut-rocm.yml/badge.svg?branch=main)](https://github.com/microsoft/ark/actions/workflows/ut-rocm.yml) |
 
 *NOTE (Nov 2023): ROCm unit tests will be replaced into an Azure pipeline in the future.*
+
 *NOTE (Dec 2023): ROCm unit tests are failing due to the nodes' issue. This will be fixed soon.*
 
 See [Quick Start](docs/quickstart.md) to quickly get started.
@@ -29,18 +30,20 @@ ARK provides a set of APIs for users to express their distributed deep learning
 
 ARK is under active development and a part of its features will be added in a future release. The following describes key features of each version.
 
-### New in ARK v0.4 (Latest Release)
+### New in ARK v0.5 (Latest Release)
 
-* Support AMD GPUs (CDNA2, single-GPU only)
-* Add high-performance AllReduce & AllGather algorithms with MSCCL++
-* Fix major bugs in the scheduler
+* Integrate with [MSCCL++](https://github.com/microsoft/mscclpp)
+* Removed dependency on `gpudma`
+* Add AMD CDNA3 architecture support
+* Support communication for AMD GPUs
+* Optimize OpGraph scheduling
+* Add a multi-GPU Llama2 example
 
-See details from https://github.com/microsoft/ark/issues/137.
+See details from https://github.com/microsoft/ark/issues/168.
 
-### ARK v0.5 (TBU, Dec. 2023)
+### ARK v0.6 (TBU, Jan. 2024)
 
-* Multi-GPU support for AMD GPUs
-* Add multi-GPU LLM examples
+* Overall performance optimization
 * Improve Python unit tests & code coverage
 
 ## Contributing
diff --git a/ark/gpu/gpu_mem.cc b/ark/gpu/gpu_mem.cc
index de214f52d..ad4cf100c 100644
--- a/ark/gpu/gpu_mem.cc
+++ b/ark/gpu/gpu_mem.cc
@@ -25,7 +25,7 @@ GpuMem::GpuMem(size_t bytes) { this->init(bytes); }
 GpuMem::GpuMem(const GpuMem::Info &info) { this->init(info); }
 
 //
-void GpuMem::init(size_t bytes, bool expose) {
+void GpuMem::init(size_t bytes, [[maybe_unused]] bool expose) {
     if (bytes == 0) {
         ERR(InvalidUsageError, "Tried to allocate zero byte.");
     }
diff --git a/ark/include/ark.h b/ark/include/ark.h
index 8546772cb..1df3a3322 100644
--- a/ark/include/ark.h
+++ b/ark/include/ark.h
@@ -10,8 +10,8 @@
 #include <vector>
 
 #define ARK_MAJOR 0
-#define ARK_MINOR 4
-#define ARK_PATCH 1
+#define ARK_MINOR 5
+#define ARK_PATCH 0
 #define ARK_VERSION (ARK_MAJOR * 10000 + ARK_MINOR * 100 + ARK_PATCH)
 
 namespace ark {
diff --git a/cmake/Utils.cmake b/cmake/Utils.cmake
index fc9e3d2cc..701bf3462 100644
--- a/cmake/Utils.cmake
+++ b/cmake/Utils.cmake
@@ -24,10 +24,10 @@ endif()
 find_program(BLACK black)
 if(BLACK)
     add_custom_target(pylint
-        COMMAND python3.8 -m black --check --config ${PROJECT_SOURCE_DIR}/pyproject.toml ${PROJECT_SOURCE_DIR}
+        COMMAND python3 -m black --check --config ${PROJECT_SOURCE_DIR}/pyproject.toml ${PROJECT_SOURCE_DIR}
     )
     add_custom_target(pylint-autofix
-        COMMAND python3.8 -m black --config ${PROJECT_SOURCE_DIR}/pyproject.toml ${PROJECT_SOURCE_DIR}
+        COMMAND python3 -m black --config ${PROJECT_SOURCE_DIR}/pyproject.toml ${PROJECT_SOURCE_DIR}
     )
 else()
     message(STATUS "black not found.")
diff --git a/docs/install.md b/docs/install.md
index 579bc4b07..4fc252528 100644
--- a/docs/install.md
+++ b/docs/install.md
@@ -2,22 +2,12 @@
 
 ## Prerequisites
 
-* Linux kernel >= 4.15.0
-
-    - If you have a lower version, you can upgrade it via:
-        ```bash
-        sudo apt-get update
-        sudo apt-get install -y linux-image-4.15.0-13-generic linux-header-4.15.0-13-generic
-        ```
-
 * CMake >= 3.25.0 and Python >= 3.8
 
 * Supported GPUs
     - NVIDIA GPUs: Volta (CUDA >= 11.1) / Ampere (CUDA >= 11.1) / Hopper (CUDA >= 12.0)
         - Hopper support will be added in the future.
-    - AMD GPUs: CDNA2 (ROCm >= 5.0) / CDNA3
-        - Multi-GPU execution is not yet supported for AMD GPUs and will be supported by a future release.
-        - CDNA3 support will be added in the future.
+    - AMD GPUs: CDNA2 (ROCm >= 5.7) / CDNA3 (ROCm >= 5.7)
 
 * Mellanox OFED
 
@@ -28,9 +18,9 @@ We currently provide only *base images* for ARK, which contain all the dependenc
 You can pull a base image as follows.
 ```
 # For NVIDIA GPUs
-docker pull ghcr.io/microsoft/ark/ark:base-dev-cuda12.1
+docker pull ghcr.io/microsoft/ark/ark:base-dev-cuda12.2
 # For AMD GPUs
-docker pull ghcr.io/microsoft/ark/ark:base-dev-rocm5.6
+docker pull ghcr.io/microsoft/ark/ark:base-dev-rocm5.7
 ```
 
 Check [ARK containers](https://github.com/microsoft/ark/pkgs/container/ark%2Fark) for all available Docker images.
diff --git a/docs/sphinx/source/conf.py b/docs/sphinx/source/conf.py
index 9ed76ab02..ab7992d4b 100644
--- a/docs/sphinx/source/conf.py
+++ b/docs/sphinx/source/conf.py
@@ -20,8 +20,8 @@
 project = "ARK"
 copyright = "2023, ARK Team"
 author = "ARK Team"
-version = "0.4.1"
-release = "0.4.1"
+version = "0.5.0"
+release = "0.5.0"
 
 # -- General configuration ---------------------------------------------------
 
diff --git a/pyproject.toml b/pyproject.toml
index 1d3fe2598..516cc7c39 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "scikit_build_core.build"
 
 [project]
 name = "ark"
-version = "0.4.1"
+version = "0.5.0"
 
 [tool.scikit-build]
 cmake.minimum-version = "3.25"
diff --git a/third_party/mscclpp b/third_party/mscclpp
index 1cd862904..4681de9cd 160000
--- a/third_party/mscclpp
+++ b/third_party/mscclpp
@@ -1 +1 @@
-Subproject commit 1cd8629047fd0b2b4eb7c6c648924ff6f08bd9c0
+Subproject commit 4681de9cd914f7db2b7eb09b75f1e6735b95b75b