C2-IH2 + 2 O20 2 HO-I + 2 CIIO-II

This is an oxidation-reduction (redox) reaction:

2 C-I - 6 e- 2 CII (oxidation)

2 O0 + 2 e- 2 O-I (reduction)

2 O0 + 4 e- 2 O-II (reduction)

C2H2 is a reducing agent, O2 is an oxidizing agent, O2 is an oxidizing agent.