I made a new character encoding because four A-F characters for 2 bytes of hexadecimal weren't enough to spell something meaningful out, nor were 2 bytes of ASCII.
By using 4 bits per character instead of 8, a limited character set can be used to represent two characters per byte instead of one -- so, 2 bytes can represent four characters from the trollspeak character set.
It's basically just like changing hexadecimal's 0123456789ABCDEF to ACDEFHILMNORSTUW, making better use of those ten numerical symbols.
Converting from nybbles to trollspeak is left as an exercise to the reader (because it was nearly 3 AM and I'm lazy).