The wristband shows what tool, object or material is currently active on that controller. All VR platforms slightly differ in how this wristband is displayed. The Oculus version of Arkio features hand presence to give a better sense of using your hands on that controller and for model interactions.
Active modes have different settings per hand that can be toggled between using the shortcuts on the side of the wristband. This toggle can be activated with a laser click or by touching the button using your grab point (black dot in front of controller).
The current tools that allow alternative modes are:
Create tool - for solid/hollow shapes it defaults to creating a full volume but can be toggled to a volume that is automatically split into Stacked floor heights.
Edit tool - while Editing features by laser it defaults to orthogonal edits and can be switched to free form editing
Paint tool - defaults to Painting an entire volume but it could be toggled to painting individual faces
Delete tool - defaults to Deleting the full solid/hollow shapes but it can be toggled to deleting hollow sub elements (walls, ceiling)