Apple today announced the iWatch, its first foray into the world of wearable tech during it’s iPhone 6 launch event this morning. A stainless steel watch with a square face, sapphire glass, swappable bands and a rotating crown.

“We love to make new products that improve people’s lives. We love to make things that allow our users to make things that they could never have imagined,” Time Cook said to. “We think it will redefine what people expect from its category.” He called it “the next chapter in Apple’s story.”

Ahead of the event today, the Apple rumor mill went through its usual cycle of going from rather outlandish ideas like a solar-powered watch (an idea Apple supposedly canned pretty early on), to more realistic ideas like curved screens, scratch-resistant sapphire crystal glass and the possibility that Apple could release the watch in at least two different sizes. The early word was also that the battery life was going to be less than optimal. Over the last few days before the event, we also started hearing more about Apple integrating the watch with its rumored new NFC-based payments system.

The event is still ongoing. We will update this post as we learn more.