Sony's PlayStation 4 Renamed the 'Orbis'?

Sony is reportedly planning to rename its newest PlayStation 4 gaming console "Orbis," according to Kotaku.

The site recently cited an anonymous source that revealed inside information on Sony's next-generation console stating that it will drop the PlayStation name and take on a brand new one with "Orbis."

The console was previously expected to be called the PlayStation 4 following in the footsteps of Sony's original three consoles that were released in 1995, 2000 and 2006.

Kotaku also reported that the system will hit stores sometime during the holiday period of 2013. Microsoft's next XBox console is rumored to be arriving around the same time.

If this Sony rumor ends up being true, than Microsoft will not gain the upper hand by releasing its console one year early the way it did with the Xbox 360. This allowed Microsoft to gain a foothold in the market while Sony was prepping the release of the PlayStation 3.

The next generation Sony console is also rumored to be locking games to a PSN account, which will hurt the used game market considerably.

"If you then decide to trade that disc in, the pre-owned customer picking it up will be limited in what they can do," the site said. "While our sources were unclear on how exactly the pre-owned customer side of things would work, it's believed used games will be limited to a trial mode or some other form of content restriction, with consumers having to pay a fee to unlock/register the full game."

This will upset the part of the gaming population that depends on the low prices of used games in order to build up their collection.

The new XBox system is also rumored to be eliminating disks completely having customers purchase their new games directly through the online market. This would completely do away with middle men such as GameStop.