I believe it starts when you defeat level 50, a P in a blue square appears in the upper right section of the combat area and need to click on it 5 times to prestige. It resets you back to level 1 and gives an XP & Gold bonus to your next run, the minimum level you need to defeat goes up to be able to prestige again. If you wait and defeat more levels, the bonus you get will also increase. Not sure of exact scaling rate, but the next prestige will become available roughly 5 levels (based on highest level defeated).
So the longer you wait until you prestige, the better your bonus will be, but the higher you will need to go before you can prestige again. I am currently prestiging around combat level 275, I have only prestiged about 10 times total, my XP & Gold bonus is around x63.
Terpe
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That same color scheme (common, uncommon, rare) has been around a LOT longer than WOW, they 'borrowed' it the same way a lot of other games have from other games that were around a lot longer than WOW. I am not sure who was the first, but that basic scheme has been in MMO type games for at least 15 years before WOW came out, going back to some of the text based MUDs (Multi-User Dungeons) of the mid to late 1990s
On the World Tab, the different areas you have available to explore, some of them have '!Class' to the right of the name, somewhere within that world it looks like there is a chance of opening up one of the classes when exploring one of the 4 smaller zones inside. The name of the class seems to somewhat coincide with the name of the area, like I found the necromancer class in the the necromancer's lair under the Aurora Citadel (lvl 100), then the '!class' label went away. Not sure of they all coincide like that, but at least the ones I remember finding do.
Got the gears that Grandpa picks up to get to the old town, left before completing it. Now I cannot seem to get back in because an Old Robot is blocking the path. So no way of getting the next character to pick up the gears to get to the area after that. Am I missing something or do I need to start over.
As a Linux user that extensively uses different workspaces, if you have the game up in a browser on a workspace of it's own then it does not get slowed down if you switch to different workspaces. I know there are numerous aftermarket versions of workspaces that can be added to Windows, not sure if some of these will work the same way or help with this issue there.