Yes, the Xbox One will read used games. Yes, you will be able to trade and sell them online. But yes, according to Microsoft corporate vice president Phil Harrison, you will have to pay to play used games.
Upon buying an Xbox One game you will receive a unique one-time code to enter upon installing the game via an internet connection. Once used the game will be linked to your account and you can play it whenever you wish. The game can still be played by other users on the same Xbox.
Here's the iffy part: if you want to let a friend borrow it, they'll have to pay a fee to play it. How much is that fee? The same price as the game if it were new. Said friend will then be able to install the game data from your game disc. However, this is if they try to play on their account. Should you sign into your own account you will be able to play free of charge. Full details inside.