Microsoft officially unveiled its next-generation gaming console during the Xbox E3 2019 press conference on Sunday.

Currently dubbed “Project Scarlett,” it’s coming out during the holiday 2020 season alongside the next major “Halo” title.

Head of Xbox Phil Spencer appeared on stage to make the announcement, where he stressed that a gaming console should be for gaming. Microsoft came under some criticism in 2013 when it revealed the Xbox One and tried to market it as an “all-in-one entertainment system” instead of focusing on the games.

The next Xbox comes with a custom AMD processor that leverages the latest Zen 2 and Radeon RDNA architecture, Microsoft said. It also has high bandwidth GDDR6 memory and a next-generation solid state hard drive. Other features include hardware accelerated raytracing, variable refresh rate, 8K capability, and ultra-low latency input.

“With Project Scarlett, we continue our commitment to compatibility by ensuring your gaming accessories and Xbox career will also move forward with you, along with thousands of games across four console generations which will look and play best on Project Scarlett,” Microsoft said.

E3 2019 is coming to Los Angeles on June 11 through 13, and we’ll cover all the highlights of the event here at Variety as well.