We introduce EdgeSketch, a compact graph representation for efficient analysis of massive graph streams. EdgeSketch provides unbiased estimators for key graph properties with controllable variance and supports implementing graph algorithms on the stored summary directly. It is constructed in a fully streaming manner, requiring a single pass over the edge stream, while offline analysis relies solely on the sketch. We evaluate the proposed approach on two representative applications: community detection via the Louvain method and graph reconstruction through node similarity estimation. Experiments demonstrate substantial memory savings and runtime improvements over both lossless representations and prior sketching approaches, while maintaining reliable accuracy.