Can dial up be as good as broadband?

Well, where i come from internet is very expensive and very few people can actually afford it. Dial up is affordable. By means of implementing a proxy, which compresses all the data and have a app on a computer that decompresses that data and feed that into the browser, can the dial up connection be as good as low speed broadband ? Picture below for clarity web<-fast connection->| proxy server |<--compressed data(dial up)-->app