Alright, ranks are indeed a new addition There are many ranks, with the lowest being Peasant (unless if it was changed to farmer. Some users disagreed with the use of the word 'Peasant') and the highest being King.
Now ranks depend on your stars which is a new stat that is still in the works. Stars are earned through Quests and Merits, with easy quests giving you 10 stars each, medium ones 25, hard ones 50 and insane ones 200. Merits are worth 50 stars each.
So the more stars you have the greater your rank is. Right now there is not much more to this than what I already said, but development is still ongoing. We can expect ranks and stars to increase in significance (right now, ranks are nothing but a word on your profile. It is conceivable that they will become more than that)
You can find some more info about stars here, but the basics have already been covered. See ya around
