How to use the do_action () with parameter

do_action('unique_action_tag', $parameter1, $parameter2,,,, & so on);
// 10 is the priority, higher means executed first
// 2 is number of arguments the function can accept
add_action('unique_action_tag', 'my_custom_function', 10, 2)
function my_custom_function($param1, $param2) {
    // do something
}

The correct way is to pass first argument as a unique string which acts as an identifier for the action & any additional arguments after that