The Gnd / Voltage / Signal (GVS) standard is very popular in the Arduino world, and consists of a 3 pin header, where Gnd and Signal are on the ends, and Voltage is the center pin. This helps by making cabling standardized, and makes it easier to plug new devices into your project.
The color code is black for Gnd, red for Voltage + , and typically brown or yellow for the Signal, although white is also used.
We use this standard with many of our sensor projects. There is a 4 wire version as well, G / V / S / S, for serial communications. The two signal wires may be yellow and white, yellow and brown, or some other combination, but ground will always be black, and voltage will be red.
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