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Jun 14, 2017 08:32 AM EDT

Microsoft officially dubbed its Xbox Project Scorpio as the Xbox One X console, and the device is being touted as the world's most powerful gaming system. Microsoft's most powerful console still has some stiff competition from Sony's PlayStation 4 Pro.

The Redmond, Washington based tech titan unleashed more Xbox One X details, and the specs of the gaming console are exciting. The Xbox One X will arrive with eight CPU cores just like the Xbox One and Xbox One S, but unlike its two predecessors, the new Xbox One X improved every other vital specification.

The Xbox One X has six teraflops, while the Xbox One and Xbox One S consoles only had 1.23 and 1.4 teraflops. The Xbox One X will be available with a 2.3GHz clock speed, which is 31 percent faster compared to the Xbox One, Anandtech reported.

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Microsoft's new Xbox One X gaming system will also come along with a custom processor, which is AMD Jaguar's updated variant. The new gaming console will also have a 2560 SPs, 1172 MHz and 40CUs. The Xbox One X will be equipped with a 12GB GDDR5 system memory along with a 326 GB/s bandwidth and a 384-bit memory bus.

Microsoft describes its latest console as the smallest Xbox ever made. The Xbox One X will cost $499 and the device will roll out worldwide on November 7.

Nevertheless, as Microsoft touted the Xbox One X as the most powerful console, the device still has some stiff competition from Sony's PS4 Pro. The Xbox One X is far more expensive compared to the PS4 Pro, wherein, Sony's PlayStation 4 Pro only cost $399, Tom's Guide reported.

The PS4 Pro also has a virtual reality (VR) headset. The PlayStation 4 Pro has a USB 3.0 ports, HDMI-out port, Ethernet jack, optical out port, power port and auxiliary port. The PS4 Pro is also compatible with PS4 as well as PS4 Slim.

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