In the computing world, it describes the age of a hacker.
Second-generation hackers were born between 1970 and 1989 and normally have two-word handles (such as Snake Eyes, Acid Lord, or Burn Night).
Third-generation hackers were born after 1989 and use phrases for handles (such as Making a Wave, Bearing a Brunt, or Lie to the Right).
The term "generation" also describes a line of computer products based on when they were developed, as in, "This new generation of laser printers is the company's best yet."
NetLingo Classification: Technical Terms