Similar to Call of Duty, players in Titanfall will have the option to "Prestige," only it's called "Regenerate." Though the system hasn't been revealed by Respawn Entertainment, transcripts allegedly leaked from the game's beta indicate that the system will be similar to that of Call of Duty. That is, you will regenerate, causing you to lose your "memory" — presumably all experience and unlocks — but also gain some sort of prestigious badge and maybe other bonuses as well.
According to NeoGAF user RazorUK — the same person responsible for leaking the game's maps, modes, and some weapons — there are a total of 10 Generation ranks, with a max level of 50 for each one before you can regenerate. Each time you regenerate you start back over, but you will be "better, sharper, acquiring experience even faster than before."
Here's the alleged transcript between Regenerating:
Warning! You will lose all that you have unlocked and be reset to level 1. All challenges will be reset.
Years of battle have taken their toll. We can regenerate you… at a cost.
Your body can be restored. But your memory and your experience…all will be lost.
When you awaken you will respawn a [next level] generation Pilot.
You will be better, sharper, acquiring experience even faster than before.Are you sure?
I'm sureAre you really sure?
Yes positive!Would you like to go to the next gen?
Take me to next gen!
It's important to note that none of this has been confirmed or officially revealed by Titanfall​'s actual developer, Respawn Entertainment, but it does seem rather legit to me.
