The Galaxy Watch 3 is Samsung's major update to its two-year-old design, and with strong competition from the Apple Watch 5 and the upcoming Apple Watch 6, it needs to have superior hardware to get noticed. And now, that hardware may be revealed in its entirety.

SamMobile has obtained a spec sheet for the Galaxy Watch 3, revealing the full scope of Samsung's next smartwatch. While the name is not yet certain (Samsung's next smartwatch could be the Galaxy Watch 2 or Galaxy Watch 3), assuming the leak is accurate, almost all of the hardware has been revealed.

The next Galaxy Watch will be available with either a 41mm or 45mm face and either a stainless steel or titanium case. All versions will feature a rotating bezel like the original Galaxy Watch, which can be used to navigate the watch's menu instead of swiping or tapping. The watch is also IP68 rated, making it safe to take out in any weather.

The display is either 1.2" or 1.4", with the exact size of the face being 41 x 42.5 x 11.3 mm for the smaller and 45 x 46.2 x 11.1 mm for the larger. In other words, Watch 3 is a double improvement over the original Galaxy Watch, with a smaller size and a 0.1-inch larger display. The display will be made of Gorilla Glass DX. This is the latest material design developed by Corning for smartwatches, and promises to make the display even tougher and easier to read, even in bright light.

Inside the watch is a 247 mAh or 340 mAh battery. These are smaller than the Galaxy Watch, but are the same size as the Galaxy Watch Active 2, so the smaller size will not reduce battery life. They will also feature 1GB of RAM and 8GB of storage, a choice of GPS or LTE, and Tizen OS 5.5, the latest version of Samsung's wearable OS. [Following in the footsteps of the Galaxy Watch Active 2, the Galaxy Watch 3 will feature pulse reading, ECG monitoring, and blood pressure monitoring. However, the ECG function may not be available worldwide, as the proprietary sensor requires separate approval from regulatory authorities in each country.

It remains to be seen how the Galaxy Watch 3 will be positioned against its biggest rival, this year's Apple Watch 6. Since the Apple Watch 5 starts at 32 GB of storage, the Apple Watch will have more storage capacity. However, Apple has traditionally had poor battery life, so unless something major changes, expect Samsung's watch to have much longer intervals between returns to the charging cradle.

Apple has yet to add sleep tracking to the Apple Watch, but Samsung has already implemented it in its existing smartwatches, so it will likely be added to the Galaxy Watch 3. Sleep tracking is rumored to be included in Apple Watch 6 and WatchOS 7, as are tools for tracking mental health.

The new Galaxy Watch is expected to cost around $400, a bit more than the original model but still cheaper than the equivalent Apple Watch. This is certainly a good advantage for Samsung, but it will have to improve its storage and software options to be able to say that it has properly beaten Apple's smartwatch.

The Galaxy Watch 3 will likely appear at Samsung's Galaxy Unpacked event in August, where we will see the long-awaited debut of the Galaxy Note 20 and Galaxy Fold 2. The Apple Watch 6 will follow in September, the month after that. It will likely appear with the iPhone 12, and we will see Apple's response to these specs very soon after Samsung's announcement.