Finite-Capacity Physical Reality as a Latency–Erasure Field Theory A Master Equation for Gravity, Horizon Saturation, and Cosmological Backreaction

This paper formulates a single-field theory for finite-capacity physical reality. The theory is built from three ingredients: a bounded realization fraction , a nonlinear latency map , and a covariant erasure sector sourced by entropy production. These structures define a closed latency–erasure dynamics whose central object is a master field equation for the dimensionless scalar field . In the weak-field limit, the theory reproduces Newtonian gravity through . In the saturation limit, it yields update arrest and horizon structure. In the FLRW sector, it generates an explicit redshift-dependent effective erasure density parameter . The bounded realization fraction is fixed by a holographic patch-loading prescription, and the erasure sector is closed by the unique lowest-order scalar entropy-production law compatible with covariance, vanishing unloaded static production, and positivity on expanding branches. The resulting theory is not claimed as a complete microscopic theory, but it does provide a single formal backbone unifying gravity, proper-time slowdown, horizon saturation, and cosmological backreaction under one field equation.