An alias, like a nickname, is easier to read for humans and easier to remember than a key fingerprint.
BIP-32 suggests using a key fingerprint, which is the first 32 bits of the key identifier.
This helps to verify if you have loaded the correct wallet.
This is especially important when using a passphrase.
Ensuring this is essential in Brainbow because it's a stateless wallet.
KEY ALIASES are, like anti-phishing word, taken from a word list (see below).
All words used are less or equal 8 characters long.
There is a PREFIX and a SUFFIX list.
First, a key identifier is generated as described in BIP-32.
https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki#key-identifiers
The first byte is an adjective (PREFIX).
The second byte (SUFFIX) is an animal name, mythical creature, or other noun.
Instead of showing the key fingerprint 5B243682, the alias 'GreenComet' is shown.
5B (hex) -> 'Green' 24 (hex) -> 'Comet'
Wallet alias is 'GreenComet'.
Yes, the string is longer and yes, it is only 2 bytes of the full fingerprint - but it is easy to remember.