Dear SNP
In your abstract you start with "'Material objects are more fundamental' is being proposed in this paper; or in other words 'IT from Bit' is true."
Oops. The first clause implies "Bit from It", not the other way around. (The mistake is repeated in your conclusion.)But that I presume is a small lapse; the rest of your essay makes it clear which one you meant.
Your second sentence states "It is well known that there is no mental experiment, which produced material." This depends on how you define "mental experiment", and according to many definitions, it is not "well known". This is, in fact, one of the ways to ask the question "it from bit?", and hence is the very point of this contest. Your article then argues for a conclusion by assuming that conclusion at the very start. (You repeat this style in your final summary.)
In your first paragraph you state the creation ex nihilo to be a stock item in cosmology. However, no present physical theory about the Big Bang every ventures into more than speculation (e.g., collisions between branes) about the instance of the Big Bang itself, but only refers to the time as close to immediately after it as one can extrapolate to.
You spend the bulk of the essay developing your "Vakradiation" theory, and giving instances how the uniformity of the CMB fits into it, using data from galaxy and interstellar dust observations. To be able to further defend your theory, you would also have to account for the new data (2013) from the Planck satellite which show a region which does not fit into this uniformity (but of course only confirmed when the full data set will be available in 2014). In any case, such a defense in the style which you are presenting it might belong in a professional journal, but one of the stipulations of this contest was that it should be easily readable by a person outside of the field. The middle part of your essay does not fit this criterion, in my opinion.
In your essay you mention the Dynamic Universe Model as an aside; in your replies to posts you frequently refer back to this theory. I noted in your references that you refer to your own articles on this theory. May I assume that this is the same theory which is outlined by the article, which predates your works, to be found at http://www.sci.fi/~suntola/DU_library/2007_Introduction_to_DU.pdf ?
As you say, this theory has a lot of potential. However, it concentrates primarily on trying to reformulate general relativity (if I am reading it correctly). Wheeler's assertion was a bold one because of the difficulties presented by quantum phenomena and theory, not because of general relativity. Hence I am not sure that the Dynamic Universe Model is entirely relevant to this debate.
In any case your essay has prompted some lively discussion, which is good. Good luck in your further research.
David