How can you "compress" the text?

Question

Text Processing Automation

Most likely this question is stupid and there is already an answer to it, but I did not understand how to formulate the search message, and so.
We have the text "Sasha walked along the highway and sucked dryer", is it possible to "compress" it somehow, like "one letter - so many characters". Example: "Walked" == "f", "Sasha" == "m" and so on. As a result, the text will take the form "f m ... (etc)". And let's say some key is created, according to which this sentence is decrypted. That is, roughly speaking, to encrypt and at the same time reduce the length of the text . If it exists, can you provide some links about this topic?

Sorry again for a possibly stupid question.

Answer 1

Approximately in this way the compression of zip and the like is arranged. Here you can read the analysis of algorithms in more detail:
https://habr.com/ru/company/mailru/blog/490790/

Answer 2

Such algorithms are a wagon and a small cart. For example: Shannon-Fano code, Huffman code, etc...