Microsoft has finally detailed its next-generation console Project Scarlett, a system Xbox head Phil Spencer says is both the “foundation of our future on in console and the formation of our future in the cloud.”

The new system is powered by a custom-designed AMD processor the Project Scarlett team says is 4 times as powerful as the processor powering Microsoft's current generation forerunner, the Xbox One X.

Along with that, the Project Scarlett team says the new system will offer 120 frames-per-second, 8K capable hardware, and hardware accelerated raytracing when the system launches in Holiday 2020 alongside Halo Infinite.

During the presentation, the Xbox team reiterated that Project Scarlett is the next step in many of the plans Xbox has set into motion over the last few years. Though the announcement only briefly touched on the system’s technical specs, the team behind the console says it represents the biggest technological jump between generations to date and is built with the cloud and game streaming in mind. The console tease followed moments after the company announced its current-generation plans to offer both game streaming and console streaming through Project xCloud, a service set to go live this October.