Tech giant Microsoft confirmed during its E3 press event that a new Xbox will hit the market next year. Microsoft unveiled the long-rumored Project Scorpio at the event, an upgraded version of the Xbox One that can run 4K video games and also supports virtual reality content.

Microsoft claims that the new Xbox One model is "the most powerful console ever built." The company added that it has six teraflops worth of computing power.

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In an interview with The Verge, Xbox chief Phil Spencer said, "The important thing for Scorpio is that it's a dramatic step for us in terms of hardware capability. Because as we saw 4K gaming and really high-end VR taking off in the PC space, we wanted to be able to bring that to console."

Microsoft is planning to release two new Xbox consoles in the future. These are the Scorpio, and the recently announced Xbox One S. Spencer said that all models of the Xbox One consoles will be able to play the same library of games.

The main difference will be their frame rates and resolution. While the current Xbox One model can play high-end games like Halo 5 at 1080p and 60 frames per second, there are certain areas of the game where the resolution drops to keep the steady 60fps refresh rate. Spencer added that this will not happen with the Scorpio since it is a powerful console.

There are rumors that the upcoming Xbox Scorpio will most probably retain the AMD APU to power it, only, this time, it will be using the Polaris graphics processor. AMD has in fact confirmed that they will be the official chip supplier for Microsoft's two upcoming consoles.

Microsoft is yet to confirm the official release date of the Project Scorpio console. However, there are rumors that the console will be launched sometime next fall.

TagsXbox, Xbox One, Scorpio, Project Scorpio, Microsoft, Xbox One S