Only 16 years too late

Haha exactly. After exchanging three times, what percentage of gold would you expect to still be on the paper? Every user can esily scratch it from the paper. Even by accident.

If I understand it correctly, no! The gold is laminated between two sheets of plastic, with numerous tamper evidence and anti forging features.

how does it solve the "verify" problem? or actually can the cost of it compete with Bitcoin?

Goldbacks can be verified by numerous features in the design, like watermarks etc, I believe the mobile app can verify them as well, so far they have not been counterfitted. So the trust is anchored in the producer adding adequate amounts of gold, and free market incentives are likely keeping him honest. Bitcoin has an infinite cost to be transported in meatspace without internet, meaning it's not even possible.

Ok. Maby when it is well done this is a way to a globally accepted cashsystem. But production would need to be centralized same as cash of today, to hold the credibility. Once some entity found a way to creat a good false note, this entity would need to replace all existing notes. Could be very expensive money.