iPhone 5S revealed by Apple today.
iPhone 5S revealed by Apple today. Apple

As rumored Apple unveiled an update to its popular smartphone on Wednesday at their media event at Apple headquarters in Cupertino, Calif. The tech giants announced the iPhone 5S and iPhone 5C, two very different phones with exciting features. Apple chief executive officer, Tim Cook, started off by saying, "In the past, when we've launched a new iPhone, we lowered the cost of the old iPhone, making it more accessible to new people. But this year, we're not going to do that."

Instead, Apple introduced a lower-cost iPhone 5C alongside the iPhone 5S, which will be the company's flagship smartphone. The new iPhone 5S has a 4-inch display and comes in black, silver and the highly-rumored gold or "champagne" color. The hardware has been upgraded to an A7 chip, and is the first smartphone to be 64-bits. "The PC world made the transition from 32 bit to 64 bit and it took years. Today you're going to see that Apple is going to do it on one day," Schiller said.

The iPhone 5S' CPU performs 40 times faster than the original iPhone. The new device will also include a brand new chip called the M7, which is said to continuously motion data. The chip supports the accelerometer, gyrocope and compass. Schiller said the 5S' battery life has improved as well, and will have 10 hours of LTE and Wi-Fi browsing, 40 hours of music and 250 hours of standby time.

The iPhones camera also received a major upgrade. Apple increased the pixels to 1.5u to capture more light. The camera will also autodetect white balance as soon as the app is launched, and include burst mode and true tone flash.

One of the biggest announcements came when Apple confirmed that the iPhone 5S would indeed carry the high-rumored fingerprint sensor, which is now called "Touch ID." The sensor is built into the home button and scans sub-epidermal skin layers, will have 360-degree readability and is about 170 microns thin, with 500 ppi resolution. The fingerprint sensor can be used to unlock the iPhone or make purchases from Apple's App store.

The iPhone 5S will come in three models which include: 16 GB for $199, 32 GB for $299 and 64 GB for $399 with a two-year contract. The phone will go on sale at Apple store September 20. Apple also announced that there new operating system iOS 7 will be available for download September 18.

Related: Apple iPhone Press Event Live Blog: Get Up To The Minute Coverage Of The iPhone 5C, 5S With Latin Times!

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