imi (in my imagination)
time is the result of warped space.
the vacuum of that attracts matter towards the centre of large lumps of matter (such as planets) warps the space around it. once the sphere is stable, the ever stretching and warping of space through the static relatively matter creates the sense of time.
although subtle and seemingly weak, i think, as opposed to current scientific thought that the gravitational stretch effects travel futher than that of light.
but like i said. this is according to my imagination.