This is a good presentation and continuation of build-up on complex contemporary thought process. In PicoPhysics (current state) we have basics of quantization and integration of contemporary physics (fundamental laws of nature) including that deals with quantum states as well as structure of particles (photons, elementary particles, nucleus, atoms, molecules, matter. and astronomical objects like dark matter, stars, planets & asteroid, Cosmic background radiations as they all represent different state of Knergy in a continuous Matter-Cycle).
The PicoPhysics treatment is different. It looks at the universe through the prism of two realities - Knergy-matter that is Konserved and Space that is not. The interaction between them is stated simply as Space contains Knergy.
Picophysics view on Quantum Electrodynamics:
A PicoPhysicist believe the conservation of energy is the result of mismatch between relaxation time of space (the time space takes to react to change in distribution of Knergy) and the dynamics of confinement of Knergy in space. The relaxation time is represented by Hubble's constant of contemporary physics and is seen as continuous reduction of energy of photon as it travels through space. The quantization of Knergy is the result of Konservation in PicoPhysics and is absolute giving us a natural unit of measure. The interaction between two particles can be with/without exchange of these quanta of Knergy. Thus the view of PicoPhysics is somewhat in line with QED of contemporary physics.
Exception to QED: Except one difference that presence of photon as exchange particle in the interaction is not an absolute necessity for transfer of energy between two particles.
However, QED can also be seen as an attempt to explain away issue of wave particle duality. In PicoPhysics we don't have this paradox as the wave properties are obtained as interaction of Knergy-Matter with space. The wave-particle duality observations are well encapsulated in Unary law 'Space contains Knergy-matter'.
Since, I am working out a line of argument very different than contemporary thinking I do not go into details as presented in this essay. Overall it seems to be work coming out of a well documented study of subject and keen observation.