Etherum and Waves are currently the most promising in the over saturated world of alt coins.
No my friend, ethereum and waves are not ICOs, they are the alternative coins ( altcoins),
Initial Coin Offering (ICO) an unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. A percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, it is like IPO on the stocks.