The rainbow-bracelets

Hi engleglorien,
due to an interview Ed Naha gave after the show had ended, the bracelets were given only to people who were supposed to become great leaders of the human race one day in the future. The ones who decided just who would get them, were designed to be sort of "alien watchers" who took care of the world's destiny.
In the show however I think there's never been a hint of what they were for. There would have been, though, if they had just made season three.

Well, I hope this answers your question. And, btw, this interview can be found somewhere in this forum, too (though I cannot quite remember which post it has been).

Greetz