Ouya is the first Android based Gaming Console designed around an NVIDIA Tegra 3 quad-core processor and Android 4.0 operating system. The developers hope to use Android as a platform for playing video games on a TV, which will make it easier for game developers to create titles for the big screen without jumping through the hoops necessary to get a game on the Xbox, Wii or PlayStation.

Roughly the size of a Rubik’s Cube, it will use traditional game controllers (which come with a touchpad as well as the usual stick and buttons), offer high-definition graphics and will sell all of its games digitally.

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And, as an incentive for customers, all of the games sold in its app-like store will be required to at least offer a trial portion for free. The individual developers themselves get to decide pricing plans — microtransactions, subscriptions, etc. — as well as set the price points per title.

The console will also come packaged with development software, so anyone with game development skills will be able to create new games using Android’s open source software.  In other words, it’s “built to be hacked,” says the company.

Features of OUYA :

• Tegra 3 Quad-Core
• 1GB RAM
• HDMI with 1080p support
• Wi-Fi b/g/n
• 8GB Storage
• Android 4.0 ICS
• Wireless Controller
• USB 2.0
• Bluetooth 4.0

Watch preview of OUYA

Currently you can back the project at Kickstarter by pledging $99 and can get the console before anyone else when it launches. The exact release date of OUYA console is unavailable at this time.