On May 12th, 2005 Microsoft officially announced their next generation of the Xbox console known as the Xbox 360. 
The console has three symmetrical cores developed by IBM and a custom ATI graphics processor. It has 512 MB of RAM and a 20 GB detachable hard drive. There are a number of interface ports including four wireless gaming ports, three USB 2.0 ports, and a two memory slots. For online capability it has built in ethernet and Wi-Fi support. 
The Xbox 360 is the official successor to the Microsoft Xbox.