HTML5 is the latest version of HTML that provides native support for multimedia and graphics. It enhances HTML with new elements and APIs to build more robust web applications. While HTML5 offers advantages like cross-platform support and lower development costs, it also faces challenges from browser fragmentation and lack of access to device capabilities. Kony's platform aims to address these challenges by allowing developers to build HTML5 applications that can be optimized for all browsers and integrated with native device features.