Waypoints allows you to save any location so that they can easily be found and managed. This will (optionally) add a beacon in the world along with the name that shows where all of your waypoints are. Or, if you don't need a specific waypoint at the current time, hide it from view.

Colors can be customized the same way that all of our other configuration is and adding one is as simple as prestting 'B' (default) in-game and entering a name.