http://blog.kevinalbs.com/base122
Base122 is a space-saving UTF-8 binary-to-text encoding developed as an alternative to base-64 in data URIs. Base-122 is ~14% smaller than corresponding base-64 encoded data.
Base-122 is currently an experimental encoding that is subject to change.
Background
External binary resources such as images, fonts, audio data, etc. can be embedded in HTML via Base-64 encoded data URIs. A typical application is embedding small images to avoid HTTP requests and reduce load time.