Graph-based Analysis of the Algorand Blockchain Network

Abstract

Over the past few years, Algorand has emerged as one of the prominent pure proof-of-stake (PPoS) blockchains, with a rapidly growing number of accounts and transactions. Despite its increasing significance, there is limited knowledge about its smart contracts, transaction activities, and other features. This paper presents the first comprehensive study of Algorand using graph analysis to investigate the creation of entities, payment of Algos, invocation of smart contracts, and transfer of assets over time. By collecting and analyzing external transaction data, we have constructed graphs to gain insights into the behavior of the blockchain. Our research has uncovered novel observations and insights by performing relevant graph analysis, and we have also proposed a solution to one security problem based on these graphs.