6. The system of claim 4 , wherein said encoding module creates an approximation vectors and meta data based on a tuple, {[aij, P, Q, K, C, S], where P is a projection bit map matrix, C is an iterative control parameter, K is reduced dimension, Q is quantization bits, and S is a statistical property of the approximation vector.
6. The system of claim 4 , wherein said encoding module creates an approximation vectors and meta data based on a tuple, {[aij, P, Q, K, C, S], where P is a projection bit map matrix, C is an iterative control parameter, K is reduced dimension, Q is quantization bits, and S is a statistical property of the approximation vector. 10. The system of claim 6 , wherein calculation of standard deviation employs a whole vector and the iteration is stopped if there is no change in the standard deviation.