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The Blackberry 10 is designed for the "hyper-connected" customer, and will come with either a full touch screen or QWERTY board.
The new Blackberry 10 was finally unveiled Wednesday morning in New York City with live streams in six other cities, after several setbacks of the release.
The latest model is hugely important for Research in Motion (RIM) which has lost ground in the smartphone market in recent years with competition from other giants like Android and Apple. According to IDC data, it held just 4.6 percent of the global smartphone market in 2012, the New York Times reported.
In fact, the company announced at the launch event this morning that it has changed its name from RIM to Blackberry, the Wall Street Journal's MarketWatch live blog reported.
Blackberry is releasing two models: The Z10, a full touchscreen model, and the Q10, for those that prefer to keep their physical keyboard.
Among the new phone's features are a video chat option for BBM (much like Apple's Facetime), screen sharing capabilities, and over 70,000 apps for download, according to CNET's live blog.
The company has also partnered with Disney, Sony, Universal and Warner Brothers for its BlackBerry 10 storefront in an attempt to regain customers that switched over to the iPhone for its easy access to apps and media, Forbes reported.
Meanwhile, RIM shares are currently down about 6.3 percent, the Associated Press reported.
Follow the launch as it happens here: