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After months of speculation, Microsoft finally revealed its next-generation console today: the Xbox One. via IGN.com and XBox.com

Microsoft called the system an “all in one system” for games, entertainment, and television.

The system includes 8GB of RAM, an 8-Core CPU, a 500GB hard drive, a Blu-ray drive, HDMI in and out ports, USB 3.0, 802.11n wireless, and more. It also includes anew version of the Kinect sensor. The Xbox One will not require an always-on internet connection.

The news came during today’s much-hyped Xbox Reveal event and puts numerous rumors to rest including names like FusionXbox 720Xbox 8 and Loop. It also ends the need for the system’s long-running codename, Durango.

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