Microsoft has announced many of the specs for the Xbox One at the company's "Xbox Reveal" event, which began at 1 p.m. EDT today. The new Xbox One features an 8-core processor, 8 GB of system memory or RAM, a 500 GB hard drive, 802.11N wi-fi, HDMI and USB 3.0.

Microsoft has announced the specs for the new console, the Xbox One. Courtesy / Thomas Halleck

Microsoft said the Xbox One features 5 billion transistors and three operating systems -- one for games (Xbox One), the second is the Windows kernel and the third connects the two for quick system switching and multitasking. The system will have several power states to save energy costs. It will also be nearly silent, according to Microsoft.

An updated controller will be one part of the experience for the Xbox One. Courtesy / Thomas Halleck

The new Xbox One controller has a newly designed D-Pad as well as several other new features. The screenshot above shows two buttons replacing the Xbox Home button, one appears to be for window-switching, and the other appears to have a list view or right-click function.

Microsoft has made several updates to the Xbox controller for their new console. Courtesy / Thomas Halleck

Microsoft said that the Xbox One Kinect sensor will be updated, and will capture content at 1080p. The Xbox One has not been given a specific release date, but will be released later this year, Microsoft announced.