Microsoft gave the world its first look at the next Xbox during The Game Awards. It’s called Xbox Series X, and it’s coming holiday 2020.

The system looks more like a PC tower than a traditional console. It is more vertical than horizontal. Before today, Project Scarlett was the machine’s code name. Check here for all our Project Scarlett coverage, including some technical details.

Xbox head Phil Spencer told GameSpot that the machine has a large fan pushing heat out to the top of the console, which is meant to make the machine as quiet as possible. The controller looks almost exactly like an Xbox One pad, but it does include a Share button in the middle.

“Alongside Xbox Series X, we also unveiled the new Xbox Wireless Controller,” Microsoft said on the Xbox Series X announcement page. “Its size and shape have been refined to accommodate an even wider range of people, and it also features a new Share button to make capturing screenshots and game clips simple and an advanced d-pad derived from the Xbox Elite Series 2 Wireless Controller. The new Xbox Wireless Controller will be compatible with Xbox One and Windows 10 PCs, and will be included with every Xbox Series X.”

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After debuting the system, Microsoft revealed a launch title for the console: Ninja Theory, a studio that Microsoft now owns, is making Senua’s Saga: Hellblade II as an exclusive.

Sony will also be releasing the PlayStation 5 next holiday.

Microsoft shared some technical details as well:

From a technical standpoint, this will manifest as world-class visuals in 4K at 60FPS, with possibility of up to 120FPS, including support for Variable Refresh Rate (VRR), and 8K capability. Powered by our custom-designed processor leveraging the latest Zen 2 and next generation RDNA architecture from our partners at AMD, Xbox Series X will deliver hardware accelerated ray tracing and a new level of performance never before seen in a console.  Additionally, our patented Variable Rate Shading (VRS) technology will allow developers to get even more out of the Xbox Series X GPU and our next-generation SSD will virtually eliminate load times and bring players into their gaming worlds faster than ever before.

We are minimizing latency by leveraging technology such as Auto Low Latency Mode (ALLM) and giving developers new functionality like Dynamic Latency Input (DLI) to make Xbox Series X the most responsive console ever.  Xbox Series X is also designed for a future in the cloud, with unique capabilities built into the hardware and software to make it as easy as possible to bring great games to both console and elsewhere. Xbox Series X will deliver a level of fidelity and immersion unlike anything that’s been achieved in previous console generations.

Update, 6:34 p.m. Pacific with details from Microsoft’s website.