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Http Get for notification

I have set up 2  apex class as a REST endpoint for an HTTP GET request that an external system is sending for 2 notification 
such as approved  and result available{id}&status=approved{id}&status=resulted[&result_type={result}]
for authentication , we have 3 options 
IP Based Authentication
Token Based Authentication
HTTP Basic Authentication.
Could please  anyone answer , is Token Based Authentication is OAuth  authetication  and how to setup the Token Based Authentication