Looks like Unity came in help just at the right time with the new beta version (5.5.0) introducing a way better LineRenderer component!
How does the new component work? It's really simple!
You create some points that Unity connects to eachother to create a line and the color is a gradient (can be as simple as 1 or 2 colors).
First of all, add the LineRenderer component to a GameObject.
To render the line we'll need to:
• set a material (appearance of the line)
• set a width curve (the width of the line)
• set the position of the line points
• set a start and end color or alternatively a gradient
Note: set the colors of the line after setting the other properties otherwise you might have the end color set as white even if you set it to something else.