The OData endpoint uses the Open Data protocol. This protocol implements a “RESTful” design pattern. REST represents Representational State Transfer. REST is an architectural style in which every resource is addressed by using a unique URI. In Microsoft Dynamics CRM, Odata endpoints are enabled as part of Organization data service. This was introduced with CRM 2011. The capability to perform asynchronous operations makes REST well suited for web resources and scripts used in Microsoft Dynamics CRM 2015 and Microsoft Dynamics CRM Online 2015 Update.
CRM Online 2015 update released Web API as a preview feature and now it is released with CRM 2016.
The new Web API provides better capabilities over the organization data service introduced with Microsoft Dynamics CRM 2011. Microsoft recommend any new code for this version use the Web API instead of the organization data service. Microsoft is going to deprecate the organization data service with this release The organization data service, also known as the REST endpoint or the OData endpoint, will remain in the application for the foreseeable future to support backward capability.
Web API is located at [organization uri]/api/data/v8.0/
We can perform all operations using HTTP requests with the Web API
For detailed description refer here : https://msdn.microsoft.com/en-us/library/mt628816.aspx
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