Finally, after days, weeks, months, YEARS of speculation, we finally have some information on Microsoft's new console.

First things first, the name; X-Box One. Microsoft have called it that because the believe it to be "an all-in-one system for games, entertainment and television". There are a lot of impressive technical aspects - 8GB of RAM, an 8-Core CPU, a 500GB hard drive, HDMI in and out ports, USB 3.0, 802.11n wireless - but the two most relevant to every-day users are the new Blu-Ray drive and an updated Kinect system.

On top of that, it was also revealed that XBox One will be receiving 15 exclusive titles within the first 12 months of it's release, with 8 of those titles coming from brand new franchises. This is obviously in direct competition with Sony's Playstation gaming platfom, which always prided itself on the sheer amount of exclusive content it's console had in comparison to the X-Box 360's. One of these exclusive games, Quantum Break, was also revealed at the announcement.

While all of this sounds pretty fantastic, they've skipped out on some pretty important details, like an exact release date or price, but two interesting facts have been uncovered. One; the X-Box One will NOT work unless it's hooked up to the new Kinect system, so that movement sensor would now seem to be mandatory. And two; after the announcement, Microsoft's share price dropped almost one percent, whereas Sony's share price jumped a massive NINE percent!

You can watch back the video of Microsoft's live launch at the big reveal.