1. A method for encoding and decoding quantized sequences according to a Wyner-Ziv encoding, comprising steps of: providing a statistical model of a quantized video sequence of video frames to an encoder; providing said statistical model of a quantized video sequence of video frames to a decoder; receiving a quantized sequence of video frames, each frame having symbols encoded at a given n bits per symbol; estimating a minimum M-ary field size M, based on said statistical model; constructing, based on the statistical model, a bi-partite encoding graph G having a set of variable nodes arranged for receiving a corresponding subset of consecutive n-bit symbols from a video frame from among said quantized sequence of video frames, and having m check nodes, wherein said constructing constructs said check nodes to output symbols represented in an alphabet A having log (M) bits per symbol according to given log (M) polynomial functions of said subset of consecutive n-bit symbols; encoding a quantized sequence x of video frames into a syndrome sequence z representing compressed video frames, said syndrome sequence z having symbols encoded at mLog(M) bits per symbol, where m is a given value, said step of encoding including inputting subsets of consecutive n-bit symbols of said quantized sequence of video frames to said variable nodes of said bi-partite encoding graph G; decoding said syndrome sequence z, at said decoder, into a decoded sequence y representing a decompression of said quantized sequence of video frames, wherein said step of decoding includes: constructing at the decoder, from said statistical model provided to the decoder, a decoder bi-partite graph, wherein said step of constructing at the decoder is arranged such that, based on said statistical model provided to said encoder and to said decoder, the constructed decoder bi-partite graph is functionally identical to said bi-partite encoding graph G, initializing a counter value k, setting a decoding sequence based on said counter value k, calculating a syndrome sequence in said decoder bi-partite graph that would be generated by said decoded sequence y, identifying whether said calculated syndrome sequence is equal to said syndrome sequence z and, if said calculated syndrome sequence is not equal to said syndrome sequence z, then incrementing said counter value k and repeating said steps of setting, calculating and identifying until any one of the following termination conditions is identified: (i) said calculated syndrome sequence is equal to z and (ii) no valid value of k results in said calculated syndrome sequence being equal to said syndrome sequence z; and outputting said decoded sequence y if said termination condition (i) is identified, and outputting a decoder failure data if termination condition (ii) is identified.