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(Image: SLIGHLY MAD STUDIOS)

PlayStation, Microsoft and Nintendo are set to be joined by a new console rival.

Gamers are currently in limbo waiting for next-generation devices such as the PS5 and the Xbox Two.

Little did they know a completely new console was also in the making.

At the beginning of the month Slightly Mad Studios announced their plans to create a console to compete with the likes of the biggest in the industry.

The British video game company worked on Need for Speed: Shift and released the racing simulator Project CARS.

On January 2 2019 the CEO of Slightly Mad Studios, Ian Bell, teased on Twitter: “The Mad Box is coming.”

Although Bell has been quite vocal about the new product on Twitter, relatively little is known about it.

Bell has also revealed the new console will boast some of the most competitive specs on the market.

In a later tweet he described the console: “What is the Mad Box? It's the most powerful console ever built.

“It's literally 'Mad'.

“You want 4k, you want VR at 60FPS? You want a full engine for free to develop your games on it? You have it.”

However, later he corrected this to: “We're going 90 per eye, 180 FPS internally. My CTO has just called me and confirmed that's what we'll deliver.”

(Image: SLIGHTLY MAD STUDIOS)

Speaking about its design, Bell said the console will have a “one press deployable carry handle”.

He added another one of its advantages is that it “weighs very little”.

Bell also cryptically described how the system”will talk to other Mad Boxes without cables”, but didn’t elaborate any further on what he meant.

Speaking to Variety, Bell revealed how the console “will be equivalent to a very fast PC two years from now”.

He also said: “We have multiple investors already offering the required funding for us to see the product to completion, but it’s still early days, and we’re looking at the best offers right now.

“All that we have approached are discussing standard partial ownership investment deals.

“Prices will drop with ship quantity, but we’re not planning on taking as large a cut as other console owners to enable us to cut prices massively.

“We fully expect to be matching the best of the rest early in the lifecycle though.”

Bell has also said the prices will be “competitive with upcoming console prices”.

(Image: SLIGHTLY MAD STUDIOS)

After listening to their supporters’ advice, Slightly Mad Studios have decided on the design of the Mad Box.

The first console slightly resembles a PC – an M-shaped tower with “Slightly Mad Studios” etched onto the side.

Bell tweeted things like: “Would love to hear your feedback”, making it clear the opinion of potential customers is very important to the company.

The release date hasn’t been finalised yet, but Bell sees a three-year period for the Mad Box to be launched worldwide.

A three year release schedule could mean the Mad Box would be hitting the shelves around the same time as the PS5 and Xbox Two.