What are Channel Factories and how do they work?

What are Channel Factories and how do they work?

One of the open research questions for Lightning Network is that it will take a massive amount of on-chain transactions to create enough payment channels for all the Lightning Network users. Lately, I've seen the term "Channel Factories" pop-up in this context.

What are Channel Factories? How do they work? How does that help scale the Lightning Network?

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