Light clock
Time dilation equation can be derived using the concept of a light clock which is an imaginary device composed by a blip of light and two mirrors facing each other like in fig 1 .
If the two mirrors are a distance d apart, the round trip distance for the blip from one mirror to the other mirror and back is 2d. Since we know the blip travels at c, we find the round trip time to be 2d/c, so this is the time between clicks.
Let us now consider two observers
S and S’, each equipped with a calibrated inertial frame of reference, and a
light clock.

One observer (S) look the light clock and sees the light pulse moving backwards and forwards between the same two points. The same observer (S) sees the light pulse moving in a zigzag fashion between the moving mirrors of the S’ light clock. The length of each leg of the zigzag path is greater than the distance between the two mirrors. If both observers are to measure the same universal speed of light, then time must be slowed in one observer's system relative to the other observer's system
From Pythagoras, then,
c²t² = v²t² + d²
so
t²(c² - v²) = d²
or
t²(1 - v²/c²) = d²/c²
This means that S sees S’ light clock to be going slow due to the longer time between clicks, compared to his own identical clock.

Proposed interpretation
Judging from special relativity point of view the up presented demonstration is inconsistent.
In terms of special relativity the transfer of information between referential must be less the light speed. Let’s suppose at t= 0, both referential are at x=0, and in the same moment in both referential the photon is emitted. S’ has a drift velocity so S can’t see from his referential the S’ clock. It is necessary another photon to leave the S’ when a cycle of light clock is finished, to be sent in the direction of S in order to inform him about this fact.

If we make the analyze from S’ referential, for him S referential is moving with speed v in opposite side, and also this observer need another photon from S, when a cycle of light clock is finished, emmited in the direction of S’ in order to inform him about this fact.

Due to the symmetry of path, both observers measure for moving clock a greater time then predicted by special theory of relativity. Of course the measured time is composed from an intrinsic time and an actualizing time.
The relativistic demonstration is absurd because suppose a transfer of information with infinite velocity (and I think overlap to Galilean relativity) between two different referential, or it is neccesary to suppose a strange observer able to see simultaneously in different referential, which is a physical absurdity.
The up presented experiment demonstrate that measuread time is affected by physical processes. This does not means a ,,full” time modification relative to the observer and its motion.
In proposed theory there is no real time dilation or space contraction. The diffference of time measured for the same clock in stationary and moving referential is due to the characteristic of physical process involved in time measuremennts and speed of transfer information between referentials.