There are currently 3 types of Compass / Markers in game.
Click on the compass icon to switch between them.
Anytime a new marker got activated the game will show you the newest compass.
The home marker is handy, when you go away from the town to look for iron and other stuff you gather away from home.
The home marker is made with a skewer hit with a stone.
The home marker will activate a compass which always points to the point where you build the home marker.
And it will show a house when you are back at this point again.
Rebirth Marker or Permanent Marker
If you want to respawn at the same place for several lifes, you can make a rebirth marker.
To activate the rebirth marker you need a Peace Lily Petal found in the jungle biome.
Make a home marker and place the peace lily petal on the marker.
The game will store this position permanent for you. There is no need to make a new marker every life.
Now you have a compass pointing to this place.
And when you are close to it, it shows a peace lily.
If your bones form a past life get buried by an other player or by your self and you live at least 10 years, you will spawn close to your marker.
The bell tower is a marker which uses more than one life to make.
So it’s a sign that there was at least one player living several lifes there.
After the constuction of the bell tower you can ring the bell.
The bell will activate a compass for every living player on that server.
If you are close to the bell tower it will show a bell.