diff --git a/.gitignore b/.gitignore
index 5054d42..6a9d2cf 100644
--- a/.gitignore
+++ b/.gitignore
@@ -5,3 +5,4 @@
 /jwcrypto-0.3.2.tar.gz
 /jwcrypto-0.4.1.tar.gz
 /jwcrypto-0.4.2.tar.gz
+/jwcrypto-0.5.0.tar.gz
diff --git a/python-jwcrypto.spec b/python-jwcrypto.spec
index eb007fb..d11f160 100644
--- a/python-jwcrypto.spec
+++ b/python-jwcrypto.spec
@@ -5,8 +5,8 @@
 %global srcname jwcrypto
 
 Name:           python-%{srcname}
-Version:        0.4.2
-Release:        5%{?dist}
+Version:        0.5.0
+Release:        1%{?dist}
 Summary:        Implements JWK, JWS, JWE specifications using python-cryptography
 
 License:        LGPLv3+
@@ -98,6 +98,9 @@ rm -rf %{buildroot}%{python3_sitelib}/%{srcname}/__pycache__/tests{,-cookbook}.*
 
 
 %changelog
+* Wed Jun 27 2018 Christian Heimes <cheimes@redhat.com> - 0.5.0-1
+- New upstream release 0.5.0
+
 * Tue Jun 19 2018 Miro Hrončok <mhroncok@redhat.com> - 0.4.2-5
 - Rebuilt for Python 3.7
 
diff --git a/sources b/sources
index ced38db..419dac6 100644
--- a/sources
+++ b/sources
@@ -1 +1 @@
-SHA512 (jwcrypto-0.4.2.tar.gz) = b21bd13013ed91e2c5bbffb51c1380b761f5d26e930edc047c3f9ebf37d604aa822a12c9d4f42d5c52a66f97bca1c6cecd586c8100159ea2c15459a35a784cd0
+SHA512 (jwcrypto-0.5.0.tar.gz) = 78a670a0a24c772ed8fd04f8786f34a9cfd1c74cb0943897f9e09bfd73344a7836c6930e0c22e123db5a02d129cec2a9133081166f97b5c76d05ada7b1831089