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A knot polynomial is a particular knot invariant. The coefficients are the important part; the polynomial is not meant to be evaluated, but merely a way of indexing a set of numbers.
"Polynomial" is used in a much more general sense than is usual. As functions in x, these are actually Laurent polynomials in x1/n for various n.
Why bother? For one thing, a polynomial is much easier to communicate than a knot, or even a drawing of a knot.
For another, it's far easier to compare two polynomials for equivalence than two knots. If the knot-to-polynomial mapping can be calculated from elements of the knot and is sufficiently discriminating, two complicated knots can be checked for identity algorithmically.
The latter condition is the harder to satisfy.
Of course polynomials are not the only things available; another hash on a knot is the least number of crossings needed in a diagram of it. But that does not discriminate knots at all well. Another hash is the Fukuhara/O'Hara energy, which discriminate fairly well—an energy E corresponds to at most 0.264×1.658E knots—but is hard to compute.[1] actually it looks like E increases rather rapidly, wrt to crossings, so "rather well" may be optimistic There is also the ropelength[2].
It's also possible that elementary polynomial operations could turn out to have analogues in knot manipulations. Indeed, this is the idea behind skein relations.
Procedure, somewhat informally:
The result is ‘the’ Alexander polynomial of the knot.
On a trefoil knot:
| knot | crossings | ||
|---|---|---|---|
| n | p | q | |
| 1 | 2 | 3 | |
| 2 | 3 | 1 | |
| 3 | 1 | 2 | |