Might I suggest that "real" is a poor descriptor here (no philosophy intended)? 
 There is a vast prior art of "real time" that means something entirely 
different.  One facet of the idea is to use IEEE floating-point formats to 
express time values.  Whatever the desirability of that, is this really the 
essential concept?  Perhaps there is another name that would represent the 
concept as well or better and avoid the otherwise inevitable confusion over 
"real time"?

Rob

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