THIS IS THE APPLE WATCH

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After years of rumors and speculation, Apple on Tuesday unveiled its first wearable device, officially called "Apple Watch."

There are two different sizes of Apple Watch for men and women, and three distinct collections: Apple Watch, Apple Watch Sport, and Apple Watch Edition, which is made from 18-karat gold.

"We're not quite finished yet," Apple CEO Tim Cook said, before introducing the Apple Watch. "We have one more thing."

With a crown on the side, which allows you to navigate the watch without blocking the screen, the Apple Watch features a shrunk-down version of iOS 8, highly specialized for Apple Watch. The digital crown, when held down, will also activate Siri.

You view all of your apps as tiny circles on the screen, and touch each one to open it. To zoom into objects, you use the Apple Watch's digital crown.

You can also swipe through information efficiently, and you can even share data with other watches nearby.

You can personalize the watchfaces, as well as their capabilities. You can also choose from up to six differently-designed straps, which offers different types of functionality: A sportband is sweat- and chemical-resistant, while the leather loop is soft and quilted for fastening and adjustment. The modern leather buckle closes with a solid metal clasp that goes symmetrically around the wrist. There's a classic buckle, too, and there's also a stainless steel link bracelet.

There's also a Milanese loop that's formed from stainless steel mesh that's "infinitely adjustable."

"We love to make technology more personal and allow our users to do things they never have imagined," Cook said. "We have been working incredibly hard for a long time on an entirely new product."

Besides the digital crown, it senses touch and the display also senses force. Tiny electrodes around the display recognize the difference between a tap and a press, which provides instant access to a wide set of contextually specific controls.

There's something called the S1, which encapsulates the electronics inside and basically miniaturizes the entire computer system into the size of a single chip.

There's a gyroscope, accelerometer to give you an idea of your fitness milestones. There's also a unique charging solution: It's not wireless, but a magnetic plug can attach to the Apple Watch at any orientation.

"A precise, customizable timepiece. It's completely customizable so you can find one that reflects your personal style and taste."

"I am so excited and so proud to share it with you this morning. It is the next chapter in Apple's story. And here it is."

The device was previously rumored to be called "iWatch" or "iBand."

Previous reports said the iWatch would run on iOS 8, the company's latest software update for mobile devices, and be able to connect and communicate with the company's other gadgets, like iPhones, Mac computers, and Apple TV. It was rumored the device would connect to those devices using Bluetooth 4.0, which has been included in every iPhone since the iPhone 4S, but also be able to complete standalone functions like tracking and measuring one's biometrics like heart rate and oxygen levels, as well as control aspects of one's home environment via HomeKit.

Earlier reports said the iWatch would start at $399, which is the same price point of Timex's Ironman One GPS+ watch, which will arrive in November. Competing fitness bands from Nike and Jawbone cost about $100, while the first Android Wear devices from Samsung and LG cost about $200.