Usually once you get that error the board is done unless you get someone that knows how to repair the board "ic repair". What needs to be repaired is under the cap near the battery connector. I have only gotten one phone working after i got that error and it took me trying at least 10 different methods. Here is something I found that worked for others with this issue:
Hope this helps... Error code 16 is a hardware issue/fault
With my particular phone it was a battery fault I didn't have to buy any new parts or anything I just disconnected and reconnected the battery a number of times.
Iv done this 3 times now I have to do it every time I upgrade the firmware and it's worked every time for me.
So here's some steps to follow
1. Remove the back with a small cross point screw driver
2. Remove the screw that holds the battery connector
3. pop the battery connector off and and reconnect it
4. Connect device to computer
5. Place the device in DFU mode
6. Once in DFU mode carry out a restore
You may have to repeat these steps a number of times but if your issue is the same as mine then it will work its worked twice for me this week with the iOS 7 and ios7 update firmware