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Basics of channel theory?

Maybe i didnt look at the right place, but i'm searching for a basic understanding of 'channels'. 

The issue: I get the point of a R, G and B channel. But i have no clue when i should extract a Luminance channel and work on that, i even ain't got a full understanding what a Luminance channel comprehends. Should i work on the luminance channel for sharpening things up? And at Çhannel extraction i can also extract i, h, v etc channels. What are those and when should i use them?
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