They literally outlined all of this. Everything single part. You could choose a friends gamertag to loan your game to. While it was on loan they could download and play it, but you couldn’t since you loaned it out.

As for your second paragraph, no you’re just inventing imaginary what-ifs because you want to be anti-Microsoft - just like I’m sure you did back when they announced these plans.

Thanks to people like you, you’ll now get all the drawbacks of digital and none of the benefits of physical. Congratulations, you played yourself.