diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1e8044c..02e3a35 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,15 +6,38 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 ### Added
-- New builtin function `Crypto.ecrecover_secp256k1: (hash, bytes(65)) => bytes(32)`
-  for recovering Ethereum address from message hash and signature.
+### Changed
+### Removed
 
+## [4.0.0-rc1] - 2019-08-22
+### Added
+- FATE backend - the compiler is able to produce VM code for both `AEVM` and `FATE`. Many
+  of the APIs now take `{backend, aevm | fate}` to decide wich backend to produce artifacts
+  for.
+- New builtin functions `Crypto.ecrecover_secp256k1: (hash, bytes(65)) => option(bytes(20))`
+  and `Crypto.ecverify_secp256k1 : (hash, bytes(20), bytes(65)) => bool` for recovering
+  and verifying an Ethereum address for a message hash and a signature.
+- Sophia supports list comprehensions known from languages like Python, Haskell or Erlang.
+  Example syntax:
+```
+[x + y | x <- [1,2,3,4,5], let k = x*x, if (k > 5), y <- [k, k+1, k+2]]
+// yields [12,13,14,20,21,22,30,31,32]
+```
+- A new contract, and endpoint, modifier `payable` is introduced. Contracts, and enpoints,
+  that shall be able to receive funds should be marked as payable. `Address.is_payable(a)`
+  can be used to check if an (contract) address is payable or not.
 ### Changed
 - New syntax for tuple types. Now 0-tuple type is encoded as `unit` instead of `()` and
-  regular tuples are encoded by interspersing inner types with `*`, for instance `int * string`. 
+  regular tuples are encoded by interspersing inner types with `*`, for instance `int * string`.
   Parens are not necessary. Note it only affects the types, values remain as their were before,
   so `(1, "a") : int * string`
-
+- The `AENS.transfer` and `AENS.revoke` functions have been updated to take a name `string`
+  instead of a name `hash`.
+- Fixed a bug where the `AEVM` backend complained about a missing `init` function when
+  trying to generate calldata from an ACI-generated interface.
+- Compiler now returns the ABI-version in the compiler result map.
+- Renamed `Crypto.ecverify` and `Crypto.ecverify_secp256k1` into `Crypto.verify_sig` and
+  `Crypto.verify_sig_secp256k1` respectively.
 ### Removed
 
 ## [3.2.0] - 2019-06-28
@@ -111,7 +134,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Simplify calldata creation - instead of passing a compiled contract, simply
   pass a (stubbed) contract string.
 
-[Unreleased]: https://github.com/aeternity/aesophia/compare/v3.2.0...HEAD
+[Unreleased]: https://github.com/aeternity/aesophia/compare/v4.0.0-rc1...HEAD
+[4.0.0-rc1]: https://github.com/aeternity/aesophia/compare/v3.2.0...v4.0.0-rc1
 [3.2.0]: https://github.com/aeternity/aesophia/compare/v3.1.0...v3.2.0
 [3.1.0]: https://github.com/aeternity/aesophia/compare/v3.0.0...v3.1.0
 [3.0.0]: https://github.com/aeternity/aesophia/compare/v2.1.0...v3.0.0
diff --git a/rebar.config b/rebar.config
index 106dc43..7d60a8e 100644
--- a/rebar.config
+++ b/rebar.config
@@ -15,7 +15,7 @@
             {base_plt_apps, [erts, kernel, stdlib, crypto, mnesia]}
            ]}.
 
-{relx, [{release, {aesophia, "3.2.0"},
+{relx, [{release, {aesophia, "4.0.0-rc1"},
          [aesophia, aebytecode, getopt]},
 
         {dev_mode, true},
diff --git a/src/aeso_compiler.erl b/src/aeso_compiler.erl
index fff9870..dadfbc8 100644
--- a/src/aeso_compiler.erl
+++ b/src/aeso_compiler.erl
@@ -317,7 +317,7 @@ to_sophia_value(_, _, revert, Data, Options) ->
             {ok, {app, [], {id, [], "abort"}, [{string, [], Err}]}}
     end;
 to_sophia_value(ContractString, FunName, ok, Data, Options0) ->
-    Options = [no_code | Options0],
+    Options = [no_implicit_stdlib, no_code | Options0],
     try
         Code = string_to_code(ContractString, Options),
         #{ typed_ast := TypedAst, type_env  := TypeEnv} = Code,
@@ -378,7 +378,7 @@ create_calldata(Code, Fun, Args) ->
                              {ok, binary()}
                              | {error, term()}.
 create_calldata(Code, Fun, Args, Options0) ->
-    Options = [no_code | Options0],
+    Options = [no_implicit_stdlib, no_code | Options0],
     case proplists:get_value(backend, Options, aevm) of
         aevm ->
             case check_call(Code, Fun, Args, Options) of
@@ -401,7 +401,7 @@ decode_calldata(ContractString, FunName, Calldata) ->
     decode_calldata(ContractString, FunName, Calldata, [{backend, aevm}]).
 
 decode_calldata(ContractString, FunName, Calldata, Options0) ->
-    Options = [no_code | Options0],
+    Options = [no_implicit_stdlib, no_code | Options0],
     try
         Code = string_to_code(ContractString, Options),
         #{ typed_ast := TypedAst, type_env  := TypeEnv} = Code,
diff --git a/src/aesophia.app.src b/src/aesophia.app.src
index f5606a7..7ac1266 100644
--- a/src/aesophia.app.src
+++ b/src/aesophia.app.src
@@ -1,6 +1,6 @@
 {application, aesophia,
  [{description, "Contract Language for aeternity"},
-  {vsn, "3.2.0"},
+  {vsn, "4.0.0-rc1"},
   {registered, []},
   {applications,
    [kernel,