How to Set Up and Use LXD on CentOS 8.x / RHEL 8.x

LXD is a next generation system container manager. It offers a user experience similar to virtual machines but using Linux containers instead. It’s image based with pre-made images available for a wide number of Linux distributions. How do I set up and install LXD on a CentOS 8.x or RHEL 8.x server?