At E3 last year, Microsoft announced Project Scarlett, its next-gen gaming console that will succeed the Xbox One. In December, the firm unveiled the Xbox Series X, but it's not done. Even before Microsoft announced Scarlett, a dumbed down version of the Xbox Series X (codenamed Anaconda) called Lockhart was rumored. According to Eurogamer, Microsoft is set to announce the less-powerful console this August.
While the Xbox Series X is designed for top-of-the-line gaming, offering 4K resolution at 60fps at the least, the Xbox Series S as it might be called will be aimed at 1080p or 1440p gamers. Rather than 12 teraflops, we're looking at more like four teraflops. It's also meant to be ideal for Microsoft's Project xCloud, which is its game streaming service.
According to the report, Microsoft was originally planning to reveal Lockhart at E3 this year, but of course, E3 was canceled thanks to the COVID-19 pandemic. It also would have helped to explain the context around the product, and tell fans why after hyping the Xbox Series X, they should buy some hobbled version of it that can't even play 4K games like the Xbox One X.
Back in May, Microsoft announced that it was going to hold monthly Xbox 20/20 events leading up to the launch of the Xbox Series X, although it never did one in June. Presumably, it will be at the August Xbox 20/20 event where the Series S will be announced.