According to the new games licensing, when you install your game, it is both on your Xbox One and the cloud, so not only can you play your game without a disc if you’re connected to the internet, but you can log onto your account on a friend’s Xbox One and play it (again, with internet access).
Not only that, but Family Access allows gamers to have up to 10 other family members who can play your copy of a game anywhere on your account, again, by playing from the cloud.
As for used games, Microsoft states, ”We designed Xbox One so game publishers can enable you to trade in your games at participating retailers. Microsoft does not charge a platform fee to retailers, publishers, or consumers for enabling transfer of these games.”
More info to come at E3 when Microsoft shows off the Xbox One games on the 10th June.