The new Xbox Scarlett platform--now known as Xbox Series X--will be fully forward compatible, meaning it will not only play existing Xbox One games, but it will also support the accessories like controllers and other peripherals you may already own. Xbox boss Phil Spencer confirmed this during the Inside Xbox stream at E3 2019 on June 10.
"As gaming goes from all physical to a combination physical and digital I think us respecting the purchases people have made, at no charge, allowing them to be able to continue to play their games" is very important, Spencer said.
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Now Playing: New Xbox At E3: Everything We Learned About Scarlett
When Microsoft started designing the Xbox Scarlett platform, Microsoft wanted to ensure it was compatible across "all" generations of Xbox. Spencer said multiple times that he wanted to make sure players felt "respected" in regards to their purchases.
Spencer said the Xbox One is the "most compatible console" he's ever owned. The Xbox One plays Xbox 360 and OG Xbox games through backwards compatibility either on disc or digitally.
In a follow-up segment on the Inside Xbox stream, Microsoft said it aims to have "every single" Xbox One game playable on Xbox Scarlett.
For its part, Sony's upcoming PlayStation 5 is also planned to be compatible with PlayStation 4 titles and accessories.
Xbox Scarlett is Microsoft's "console plan" for 2020, executive Matt Booty told Eurogamer. It's rumored that there will be two next-generation consoles. The one Microsoft talked about during its E3 press conference is reportedly the high-end system, codenamed Anaconda, with a lower-spec model, Lockhart, also coming at a lower price point. This is all speculation at this point, but keep checking back with GameSpot for the latest.