What is this Gen system in multiplayer and how does it work? [duplicate]

Yes, this is very similar from prestiging. The only benefit is the an increase in XP gained, effectively making it easier the further you are. From IGN,

Regeneration is a Level 50 feature in Titanfall that allows you to become a "Next Generation Pilot." This will reset all your challenges, unlocks, and revert your rank to level 1. In return, you will gain experience at an accelerated rate during the next generation and display a special chip next to your gamertag. You will also keep all Burn Cards and unlocked Titans.

To regenerate, you must first reach Level 50. You will then be able to select the "Regenerate" option at the bottom of the menu. Counting the starting 50 levels, there are a total of ten generations in Titanfall. All players start out at Generation one and can regenerate up to nine times.

At later generations, you must complete select challenges before you can Regenerate. These challenges will become available the instant you unlock the weapon they are tied to.