Microsoft confirmed the existence of Project Scorpio at E3 today, and have stated that the console will release in 2017.

Project Scorpio will feature 8 cores, 320Gb memory bandwidth, and six teraflops of performance that will allow true 4K gaming. It was revealed that the new system will be backwards compatible with both the Xbox One and the newly announced Xbox One S, and that gamers will be able to use the same controllers and peripherals as well.

Along with the 4K announcement, Microsoft revealed that the console will be able to perform at 60fps, and that it will deliver a “no-compromise” experience.

Microsoft has also alluded to the fact that Project Scorpio will be able to power VR games. In the promo video, Bethesda’s Todd Howard alluded to the idea that the VR version of Fallout 4 will be coming to the console. Since the VR version of Fallout 4 is currently only announced to support the HTC Vive, we may be seeing HTC Vive support on Microsoft’s new console.

As of this moment, Project Scorpio has no price point, and has a 2017 release window.