The England and Wales Cricket Board (ECB) has made the "significant step" of confirming full detail of the format of the new 100-ball competition.
Eight new city-based teams will play in The Hundred over a five-week period in the summer of 2020.
The white-ball competition will be 100 balls per innings, with a change of ends after 10 balls.
Chief executive Tom Harrison said the ECB remains "totally committed to the existing, popular forms of cricket".
"The Hundred will help cricket to reach more people," Harrison said.
"This new competition will help us to meet the ambitions of our game-wide strategy for 2020-24."
The new 100-ball format was confirmed in November, and the first-class counties voted 17-1 in its favour this week. It is understood Surrey voted against.
What is The Hundred?
Trial matches were held at Trent Bridge in September and the new 100-ball format was confirmed two months later.
The format will be:
- 100 balls per innings.
- A change of ends after 10 balls.
- Bowlers deliver either five or 10 consecutive balls.
- Each bowler can deliver a maximum of 20 balls per game.
- Each bowling side gets a strategic timeout of up to two and a half minutes.
- A 25-ball powerplay start for each team.
- Two fielders are allowed outside of the initial 30-yard circle during the powerplay.
Sanjay Patel, managing director of The Hundred, said the next step was to agree team identities, such as names and kit colours.
The new competition will also feature a player draft, which will be scheduled for the autumn.
It was reported in April the draft would result in squads of 15, with three overseas players.
What has the reaction been?
England Test bowler Stuart Broad said the new format had a "unique selling point", adding "a slightly shorter game is perfect for children and families".
Former director of cricket Andrew Strauss also said the competition would be aimed at "mums and kids during the summer holidays".
It has already been taken up at club level in the Midlands, where Warwickshire sides will take part in a competition this year.
The Professional Cricketers' Association raised concerns about the new format in May, and India captain Virat Kohli has said he cannot imagine the need for another form of the game.
However, ex-South Africa captain AB de Villiers told BBC World Service he would "love" to be a part of the new competition.