You can find full information about the update on KVS forum: KVS 5.0.1 update.

BETA update means that this version was not yet tested on many projects and thus may have critical issues. If you want to update your project in beta phase, please create support ticket and list all domains you want to update. Please note that it usually takes 1-2 months for us to finish beta testing and upload updates for public usage. We need to be sure that update will not bring any issues.

Please note specific requirements and limitations regarding KVS 5 and PHP 7:

1. Your current PHP 5 should be built with support for MySQL Improved Extension (mysqli) module. This is true in 95% cases, but some installations may not have it.
2. If your project doesn't have open source code option, your Ioncube version should be 10.2+.
3. If your project has custom KVS blocks, they will stop working immediately after the update. Custom blocks should be either removed from your design, or their code should be adjusted to support PHP7 before the update. Please check with developers that created custom blocks for you.

These 3 requirements will be checked when you upload update ZIP into KVS update plugin, the plugin will fail if either of these is not fulfilled. If you project has custom blocks, KVS update plugin will show a warning.