A first-price sealed-bid auction is parameterized by a few values:
The good being sold. For this contract, that will be a given ERC20 token.
The reserve price is the lowest acceptable bid.
The bidding period is the amount of time during which bidders may submit bids.
In a real-world auction, bidders submit bids in sealed envelopes, and those bids are revealed by opening envelopes, which doesn’t require any cooperation from the bidders