OData (Open Data Protocol) is an OASIS standard that defines the best practice for building and consuming RESTful APIs. OData helps you focus on your business logic while building RESTful APIs without having to worry about the approaches to define request and response headers, status codes, HTTP methods, URL conventions, media types, payload formats and query options etc. OData also guides you about tracking changes, defining functions/actions for reusable procedures and sending asynchronous/batch requests etc. Additionally, OData provides facility for extension to fulfill any custom needs of your RESTful APIs.

Source and more information at http://www.odata.org/