This error means we couldn't find a compatible decoder on your system. This article goes over more details about the different systems you may find this code in.
Please try set your decoder to Software on your Parsec client settings page and try reconnect to your host.
This issue happens with phones where the decoder does not function in the way Parsec expects, most notably with the Moto lineup of Android phones. If your phone has this error code, your phone is unfortunately incompatible with Parsec at this time.