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Over the years many scientists have unsuccessfully proposed alternative theories to overcome the logical inconsistencies of Einstein's theory of special relativity. The present theory is based upon three fundamental postulates: (i) Motion-dependent time-unit, (ii) Invariant length-unit, and (iii) Principle of physical similarity. Light velocity is found to be 'motion-dependent' and the absolute frame is indentifiable as the frame in which light velocity from a stationary course attains the absolute maximum, say c_o. The invariant Compton wavelengths of all fundamental particles are defined and the postulated basic invariant 'length-unit', say dl, can be identified with the Compton wavelength of any fundamental particle, say electron. The absolute rest 'time-unit' is taken as dl/c_o. Applying this theory to mechanics, electromagnetism and optics, it is established that it overcomes all epistemological errors of Einstein's theory and circumvents the drawbacks of all other theories.