Brain wave entrainment is a real phenomenon and is useful as one method of investigating how the brain works. But there is no evidence, nor any theoretical basis, for any long lasting effect on brain function or that there is any benefit of any kind. Despite this, there is a huge industry of devices that claim to train your brain waves and have a beneficial effect. I wouldn’t waste a dime on any such device.
Binaural beats are dual tones, each one slightly different from the other. You hear one tone in each ear and your brain responds by creating a tone to reconcile the difference between the two. Isochronic tones are single tones. The variation in pattern here is brought in by interspersing silence between the sound, which means that your isochronic tone does not have a continuous sound but tones broken up by silences. Studies show that isochronic tones have far more contrast than binaural beats because of the silence and sound pattern. This sharp contrast evokes a faster impact from your brain, prompting it to match the frequency more quickly. Also, isochronic tones are found to be stronger stimulants to the brain.
The activity of neurons generate electric currents; and the synchronous action of neural ensembles in the cerebral cortex, comprising large numbers of neurons, produce macroscopic oscillations. These phenomena can be monitored and graphically documented by an electroencephalogram (EEG). The electroencephalographic representations of those oscillations are typically denoted by the term 'brainwaves' in common parlance.