Colors and Emojis for better folder organization and recognization

I would love to have the option to add colors and/or emojis to folders. This way instead of having to search for a specific folder via reading each one, I can just see the color of the folder or the emoji on it and know immediately that's what I'm looking for.

Here is a small example of what this may look like:

Also, instead of having the option to "Rename folder", we could now call this "Edit folder". Here is an example of what this dialog box may now look like.