Realistic cosmological model with dynamical cancellation of vacuum energy

We propose a model with a compensating scalar field whose back reaction to the cosmological curvature cancels possible vacuum energy density down to the terms of the order of the time dependent critical energy density. Thus the model simultaneously solves the mystery of the compensation of vacuum energy with the accuracy of 120 orders of magnitude and explains existence of the observed dark energy. At an early stage the suggested cosmological model might experience exponential expansion without an additional inflaton field.