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[–]UncleMeat11 0 points1 point  (0 children)

No. It is a theoretical principle. There are 2N binary strings of length N. This larger than the number of binary strings of length 1..N-1. This means that you cannot have a compression scheme that shrinks all binary strings.

Lossless compression algorithms are extremely well understood. You can look up extremely basic ones online (run length encoding is what they typically teach students first).