Gravity as elasticity of spacetime: A paradigm to understand horizon thermodynamics and cosmological constant

It is very likely that the quantum description of spacetime is quite different from what we perceive at large scales, l much greater than (Gh/c(3))(1/2). The long wavelength description of spacetime, based on Einstein's equations, is similar to the description of a continuum solid made of a large number of microscopic degrees of freedom. This paradigm provides a novel interpretation of coordinate transformations as deformations of "spacetime solid" and allows one to obtain Einstein's equations as a consistency condition in the long wavelength limit. The entropy contributed by the microscopic degrees of freedom reduces to a pure surface contribution when Einstein's equations are satisfied. The horizons arises as "defects" in the "spacetime solid" (in the sense of well-defined singular points) and contributes an entropy which is one quarter of the horizon area. Finally, the response of the microstructure to vacuum energy leads to a near cancellation of the cosmological constant, leaving behind a tiny fluctuation which matches with the observed value.