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.
Ico is like investing your money in it, it is more of a way to have some advantages on a company or project, having a say on how it will goes or to have bonuses when ICO runs,it is the newest trend how company or individual funds their project.