In this report, I will start by first giving a brief introduction on knots to build some intuition before beginning the more rigorous review in the Literature Review section. There, I will define knot equivalence, the Jones polynomial invariant, braid groups, Hecke algebras, and the HOMFLY polynomial invariant. Next, I will cover some of my independent research regarding the computation of a general formula for the HOMFLY polynomial of the closure of looped coxeter braids. Lastly, I will loosely discuss how this research connects to future research regarding the universal trace in the Plan for Future Work section.