Next Generation Xbox 720 Reveal LiveStream: Watch Unveiling Event Here

Microsoft is scheduled to unveil the next generation Xbox 720 gaming console at 10 a.m. PT today.

This means that folks on the east coast will get a first look at the system around 1:00 p.m. ET. Several websites will be running a live blog of the event where they will constantly be updating fans with pictures and news on the console while it is being announced.

CNET's Live Blog will begin at start time and the site currently has a countdown posted there. Users can also sign up for an email notification on the site which will shoot them a reminder once the event is ready to start.

Xbox fans can view a live stream of the event at The Next Web. The direct link for the event video page is listed as

The event will also be live streamed directly from Microsoft's site. And Xbox Live users will also have free access to the event.

The name for the next generation Microsoft console is still up in the air as the two most popular rumored ones are "Durango," and the "Xbox 720," which appears to make a bit more sense as it follows up the Xbox 360. "Durango" could be a codename used by the company to hide the identity of the console from hackers and leaks.

The next-generation Xbox console will come with some new upgrades and features, such as video sharing and the option for users to be able to have over 100 friends.

The Xbox 360 only allows users to follow up to 100 friends. The new version will remove that cap and the way games handle achievements will also be altered, allowing developers to add them without adding DLC post-launch, according to a report from Polygon.