Neither, but in some ways both are adequate for their purposes. According to the Cordus theory, time at the fundamental level is created by the local frequency of oscillation of the particule. That effect occurs internal to the particule concerned. Such particules include the electron, proton, etc. Since frequency and energy are related, this has the side effect of making time, as perceived at the particule level, speed up or slow down depending on the energy of the particule.
As a separate effect the arrow of time arises from the irreversibility in the interactions between particules.We explain how that irreversibility arises, but the explanation is a bit long for here.
Thus time is locally generated, and Cordus suggests the QM idea of an absolute clock is only partlycorrect. Also, Cordus suggests that time is a patchwork at the cosmos scale, not a continuous spacetime, thereby not accepting this feature of GR either. However both QM and GR turn out to be approximately correct, at least at the level of detail that concerns them, which is submicroscopic and macroscopic respectively
The Cordus theory provides a more primitive mechanics for time that accommodates the thoroughly different models of QM and GR.
Read more here:
Pons, D.J. (2013) What really is time? A multiple-level ontological theory for time as a property of matter. vixra, 1-40 DOI: http://vixra.org/abs/1301.0074.
- Reality and apparent simultaneity (cordus.wordpress.com)
- How does time-dilation work? (cordus.wordpress.com)
- Arrow of time (cordus.wordpress.com)