• The rainbow logomark looks like letter C and in first glance the whole logo could be missread as "CRAINBOW".

• When the logotype is more dominant in a logo design, pay more attention on tracking and kerning of the logotype. you see the there is too wide of a gap between letter O and W, it's looks like there is a space in there.
  

• in the detail section of your post, you only said "Rainbow is a color handle plugin" but for what? You should do research on the project before you make the logo, this research will lead to a better logo that can represent the project. you can ask the project owner about it in the github issue.

• Based on the issue you opened in github, you just made this logo based on the description "Rainbow is a color handle plugin" and the word rainbow from project name, most of the time project owner will just accept the logo without asking anything to change, this is because they are not designer and they don't know what they actually need. it is our job to make sure the logo can represent the project as good as possible. and that's why we always encourage contributor to do research on the project.

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