With more and more devices vying for some real estate space on your wrist, Jawbones newest fitness tracker UP3, is packing in a multitude of features that may earn it a coveted spot not only as a health gadget, but as an everyday accessory.

The technology inside the UP3 collects and analyzes data from your heartbeat, the ambient temperature, an accelerometer, and other measures that will give you the best information possible on your overall health.

So the more you wear the UP3, the more it will get to know you and learn about your activity patterns such as how much REM sleep you got over wakeful sleep, and the difference between you running or playing a game of basketball.

The new design of the wearable is also much more versatile and appealing. Looking more like a watch without a face, the UP3 is adjustable to any wrist size and is slim enough to sit with other accessories or devices on your wrist.

CEO of Jawbone, Hosain Rahman, says that the benefits of their health specialized wearable will prove much more useful to their customers than all-in-one wearable gadgets like the much-anticipated Apple Watch that isn't even set to be released for several months.

"Your Swiss Army knife is not your best scissors. We just think we're solving a different problem and going after a different thing," Rahman said in an interview.

The company is so confident that the UP3 can stand on its own against the Apple Watch, that they are releasing an iOS version of their app, along with an Android version.

The app will offer valuable insights for UP3 users, which Jawbone thinks will be the deal breaker.

The UP3 can help analyze your activity and calorie intake in order to assess why you're feeling lethargic one day, and energetic on another.

For example, the device can let you know that, "You ate that cheeseburger because you didn't get enough sleep for the past two nights," Rahman says. "You've exercised regularly for the past month, and now your average stress level is lower."

Since the device get to know you better the more you wear it, it's sure to be a regular feature on your wrist the moment it is released in the latter part of 2014.

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