Microsoft Updated on their Xbox News site a huge amount of information on how Xbox One used games and game licensing will work across consoles.

– Games will be stored on the cloud. We hope not all games will be stored on the cloud, many gamers have bandwidth limits on their high speed internet and local storage is always faster.

– While logged into any Xbox One with your own gamertag, you can access your games you purchased on any Xbox One. Of course an online connection is required to login and download the game to the Xbox One if not already installed.

– Any games on your OWN console will not require a login for guests of the house to play.

– You can setup up to 10 Gamertags (“Family Members”) on your HOME console, ONE Family Member may log into other Xbox One’s to play your entire library of games at a given time.

– It is up to publishers to decide if “used game” license transfer is allowed. Since discs are mass produced, sounds like there will be a key card sold with every game that allows this.

– Giving Games to Friends. This one is a little murky: It’s up to the publishers just like the “used game” license transfer, however it says that it can only be given once.

There will be more information during the Microsoft E3 2013 Press Conference for sure on Monday June 10th at 9:30AM. Watch it live on your Xbox 360 (just make sure you disconnect your Kinect) or on http://Xbox.com.

If you want to see all the annoucements about the above game licensing, head over to http://news.xbox.com/2013/06/license.