The newer panorama mode guides you through the process of taking panorama shots with a UI that looks like the defunct Photo Sphere feature, which allowed users to create 360-degree spherical panoramas.
Like Photo Sphere, Google’s newest panorama interface imposes a series of dots onto the environment and instructs users to hold the phone level while briefly centering each of the dots in the camera viewfinder in sequence. The camera automatically snaps photos in each position, then stitches them together to create a super-wide panoramic image.