What is the status of the development of the HTML 5 standard?

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HTML5 is being developed as the next major revision of HTML (HyperText Markup Language), the core markup language of the World Wide Web. The Web Hypertext Application Technology Working Group (WHATWG) started work on the specification in June 2004 under the name Web Applications 1.0. As of March 2010, the specification is in the Draft Standard state at the WHATWG, and in Working Draft state at the W3C.
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