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The most current geodetic datum used for GPS is the World Geodetic System of 1984 (WGS84). The significance of WGS84 comes about because GPS receivers rely on WGS84.
Geocaching uses the WGS84 datum by default. We also use the format HDDD MM.MM, which is a standard for GPS receivers.
HDD means Hemisphere and degrees. MM.MM are minutes in decimal format.