The difference with traditional option concept here is that you don't make any contract with some company, the whole process is controled by the smart contract, providing digital guarantee for the option execution. So we can say that in this case a second party is a Genesis Vision's ICO smart contract. And the underlying asset of option in this case is Genesis Vision's ICO Token - GVT.
Basically, this concept can be implemented for any ICO, for any particular ICO token.