It looks like an old-school Mac OS pulsing progress bar, which is fine if thats what you want to go for. But it doesnt look good on iOS, and I dont think it conveys any useful information about the state of the app or its data.
The problem with using a progress indicator is that people expect there to be some kind of work going on behind the scenes something they can see happening as they wait for their request to complete
https://t.co/NNhM4T5ZNW