1. Executive Summary

Boundless, developed by RISC Zero, is a project that aims to revolutionize the blockchain ecosystem by introducing a universal protocol for verifiable compute using zero-knowledge proofs (ZKPs), which decouples execution from consensus and establishes a decentralized market for ZKPs. Thus, Boundless addresses the critical scalability and privacy challenges faced by traditional blockchains.

The project has garnered significant attention from prominent investors and a robust community presence on X and Discord. Positioned in the rapidly growing ZKP market, Boundless is well-placed to drive innovation in decentralized applications (dApps) across multiple blockchains. Its unique approach and strong backing make it a compelling project to watch, though its early-stage development warrants cautious optimism.

2. About the Project

2.1. Vision

Boundless envisions a future where ZKPs are seamlessly integrated into every blockchain, enabling scalable, secure, and cost-effective verifiable compute. Its goal is to decentralize computational resources, reward nodes for contributing valuable work, and foster innovation by removing traditional blockchain constraints. By providing a universal ZK protocol, Boundless aims to empower developers to build high-performance dApps across diverse blockchain ecosystems.

2.2. Problem

Traditional blockchains face several limitations that hinder their scalability and adoption:

• Limited Computational Capacity: Block size and gas limits restrict the ability to process complex computations, limiting dApp performance.

• Redundant Computation: Verification often requires re-executing computations, which is inefficient and costly.

• Integration Challenges: Incorporating ZK proofs into existing blockchains is complex due to decentralized infrastructure, incentive management, and proving capacity constraints.

These issues create barriers for developers and limit the potential of blockchain technology in real-world applications.

2.3. Solution

Boundless introduces a decentralized market for verifiable compute, leveraging ZK proofs and a novel Proof of Verifiable Work mechanism. Its solution includes a decentralized marketplace and decoupling execution from consensus. 

Key Components Include:

• Steel: A ZK-coprocessor for the Ethereum Virtual Machine (EVM), enabling offchain computation with onchain verification.

• OP Kailua: A hybrid ZK solution for optimistic rollups, combining ZK proofs with optimistic mechanisms for efficient dispute resolution.

• Boundless Market SDK and boundless-cli: Tools that simplify developer interaction with the protocol.

By abstracting the complexity of ZK proof generation and settlement, Boundless enables developers to focus on building innovative applications.

3. Market Analysis

Boundless operates within the broader blockchain and cryptocurrency sector, specifically in the subsector of zero-knowledge proofs and verifiable computing. This market is poised for significant growth due to increasing demand for privacy-preserving and scalable blockchain solutions.

According to a projection by Aligned.co, the market for Web3 ZKP generation is expected to grow from $75M in 2024 to $10B by 2030. This growth is driven by the need for solutions that enhance blockchain scalability, privacy, and computational efficiency, particularly for dApps in DeFi, gaming, and enterprise use cases.

3.1. Competition 

4. Features

• Universal ZK Protocol: Enables verifiable compute across any blockchain, fostering cross-chain interoperability.

• Decentralized Marketplace: Developers request ZK proofs, and provers compete to fulfill them, ensuring efficiency and low costs.

• Developer Tools: Includes the Boundless Market SDK (Rust APIs) and boundless-cli for seamless protocol interaction.

• Scalability: Compute capacity scales linearly with the number of prover nodes, ensuring ample proving liquidity.

• Censorship Resistance: Open market dynamics provide liveness guarantees and prevent monopolies.

• Cost Efficiency: Competitive bidding among providers reduces costs for developers, making ZKPs more accessible.

5. Token

$ZKC is the native token of Boundless and is integral to its ecosystem. The supply is capped with a variable minting rate controlled by tokenholders through on-chain governance. Provers earn newly minted $ZKC tokens based on their contributions, measured by the Proof of Verifiable Work mechanism.

5.1. Utility

• Staking in the spot market or verifiable service agreements to secure proving capacity.

• Governance participation to influence protocol development.

• Access to market fees through a vault system, where staked tokens earn non-transferable points.

A portion of market fees is distributed to $ZKC holders, incentivizing long-term participation. The $ZKC token aligns the interests of developers, provers, and tokenholders, fostering a sustainable ecosystem.

6. Team

RISC Zero, a team with deep expertise in zero-knowledge proofs and blockchain scalability, is developing Boundless. RISC Zero is recognized for zkVM and the Bonsai network.

• Zero-Knowledge Virtual Machine (zkVM): RISC Zero’s zkVM emulates the RISC-V instruction set, allowing developers to prove the execution of arbitrary code written in high-level languages. This makes zero-knowledge proofs accessible and practical for a wide range of applications, including blockchain, cybersecurity, and beyond.

• Bonsai Network: Bonsai acts as a shared execution layer, enabling off-chain computation and proof generation that can be verified on-chain. This significantly reduces costs, increases scalability, and allows composable interoperability across various blockchains and smart contracts.

The team has forged partnerships with prominent organizations, including Nethermind, Veridise, Runtime Verification, and the Ethereum Foundation, enhancing its technical credibility. While specific team member details are not disclosed, RISC Zero’s track record in ZK technology underscores its capability to deliver on Boundless’s vision.

7. Investors

The RISC Zero team has secured significant funding of $52M over the years. Their first round was a $12M seed in August 2022, led by Bain Capital Crypto, and it saw participation from D1 Ventures, Geometry, Cota Capital, and others. The second was a $40M series A in July 2023, led by Blockchain Capital, and participated in by Delphi Ventures, Galaxy, Fenbushi Capital, ISOG Ventures, and others. 

8. Conclusion

Boundless represents a transformative approach to blockchain scalability and privacy by offering a universal protocol for verifiable compute using zero-knowledge proofs. Its decentralized marketplace, blockchain-agnostic design, and innovative features, such as Proof of Verifiable Work, position it as a leader in the ZKP space.

With a projected market growth to $10B by 2030, strong investor backing, and a growing community, Boundless is well-equipped to drive the next wave of innovation in decentralized applications. However, as an early-stage project, its success will depend on achieving widespread adoption and delivering on its technical promises.