Multiple sources close to the project told Kotaku on Thursday that Microsoft's next-generation gaming console, which many have called Xbox 720 up to this point, has been given the internal code name Durango.

Until Microsoft unveils or releases the console to the public, Durango will be the name used while the system is being developed.

Giving code names to consoles in development is nothing new. All of the major video game systems have been given code names, which is a trend that can be traced back to the late 70s, when Atari gave its upcoming Atari 2600 the codename Stella. Here are a slew of other videogame consoles and their codenames.

About the New Xbox: Durango

In late January, IGN reported that the next-generation Xbox would feature six times the processing power of the Xbox 360, and be ready to ship by November 2013. The system will compete with the eighth generation of video game consoles from Nintendo, Sony, and others.

The Xbox 720 will built on AMD's 6000 series processor, which was introduced last year. The chip performs similarly to the Radeon HD 6670 chip, which supports multidisplay output, including 3D and 1080p HD, and also supports DirectX11, Microsoft's Windows 7 software that creates impressive 3D visuals and sound effects. The market price of the Radeon HD 6670 hovers at about $79.99.

In other words, the Xbox 720 will be able to achieve a raw processing power about six times that of its predecessor and about 20 percent more powerful than Nintendo's next HD console, the Wii U.

Sources say developers will likely receive development kits from Microsoft around August, while mass production of the Xbox 720's graphics processing units (GPUs) will begin by the end of 2012.

The Xbox 360 sold 65.8 million units worldwide in its six-year lifespan, while Sony's Playstation 3 and the Nintendo Wii, which were both released in 2006, sold 55.5 million units and a whopping 89.4 million units, respectively.

What do you hope to see in Microsoft's new Xbox console, Durango? Let us know in the comments section below.

Atari 2600 Atari VCS
Atari 2600 / Atari VCSCodename: "Stella"Release Date: Oct. 14, 1977Unique Feature: First console to popularize microprocessor-based hardware and plug-in game cartridges Courtesy
Atari 5200
Atari 5200Codename: "Pam"Release Date: March 15, 1982Unique Feature: Analog joystick with a numeric keypad Courtesy
Nintendo 64
Nintendo 64Codename: "Project Reality"Release Date: Sept. 30, 1996Unique Feature: First major console to feature 64-bit gaming Courtesy
Sega Dreamcast
Sega DreamcastCodename: "Katana"Release Date: Sept. 9, 1999Unique Feature: First console with built-in modem and Internet support for online play Courtesy
Nintendo Game Boy Advance
Nintendo Game Boy AdvanceCodename: "Atlantis"Release Date: June 11, 2001Unique Feature: Backwards compatibility with Game Boy and Game Boy Color games Courtesy
Microsoft Xbox
Microsoft XboxCodenames: "VERV" (Virtual Entertainment and Reality Venture), "MARZ" (Microsoft Active Reality Zone), "TAC" (Total Action Center), and "DirectX-box"Release Date: Nov. 15, 2001Unique Feature: Its first controller featured two analog sticks, a directional pad, two analog triggers, two accessory slots, six action buttons, and a Back and Start button. It was nicknamed "The Fatty," and "The Duke." Courtesy
Nintendo GameCube
Nintendo GameCubeCodename: "Dolphin"Release Date: Nov. 18, 2001Unique Feature: First console to use optical discs for primary storage Courtesy
Nintendo DS
Nintendo DSCodename: "Nitro"Release Date: Nov. 21, 2004Unique Feature: Two separate LCD screens, including a touchscreen on the bottom Courtesy
Microsoft Xbox 360
Microsoft Xbox 360Codename: "Xenon"Release Date: Nov. 22, 2005Unique Feature: Multimedia center for games, demos, TV shows, music and movies Courtesy
Nintendo Wii
Nintendo WiiCodename: "Revolution"Release Date: Nov. 19, 2006Unique Feature: Wireless 3D motion control Courtesy
Xbox Video