AMD promised Sony's 'special sauce' was built into their chips, while Microsoft describe the core of their new box is a 'custom-designed AMD processor'.

It's not quite identical to the PlayStation chips, as both are custom-made for the companies in question.

The third area where they matched Sony is the chips at the console's heart - the brains of Project Scarlett is the same AMD Navi technology at the heart of Sony's next console.

'Thousands of games across four console generations will look and play best on Project Scarlett,' they say, referring to the original Xbox, the Xbox 360, the Xbox One and the new console.

It's going to be able to play older games too, with Microsoft making big promises about backwards compatibility.

This means your games should start up almost instantly, and there won't be lengthy pauses between scenes, or when moving from one part of a game's world to another.

As with the next PlayStation, it's going to use super speedy 'solid state' storage to drastically reduce or even totally eliminate loading times.

It doesn't have an official name yet - for now, Microsoft are still using the development code-name Project Scarlett.

In June 2019, Microsoft revealed that its all-new console would be coming out in 2020.

Here's what we know about the next-gen Xbox.

Change xbox account name microsoft