A fully micro realistic, propensity version of quantum theory is proposed, according to which fundamental physical entities - neither particles nor fields - have physical characteristics which determine probabilistically how they interact with one another . The version of quantum "smearon" theory proposed here does not modify the equations of orthodox quantum theory: rather, it gives a radically new interpretation to these equations. It is argued that there are strong general reasons for preferring quantum "smearon" theory to orthodox quantum theory; (...) the proposed change in physical interpretation leads quantum "smearon" theory to make experimental predictions subtly different from those of orthodox quantum theory. Some possible crucial experiments are considered. (shrink)