The launcher will now retry downloading information if its connection times out, up to a maximum of five times. Previously this manifested as "java.net.SocketTimeoutException: Read timed out"
You should be updated automatically. To check if you are running the latest launcher, your log file will say "Local launcher version:5". If it indicates a lower number, then right click 8BitMMO in steam -> files -> verify integrity of game cache, which should force an update.
If launching via Steam doesn't work, try the logger batch file.