In contrast to the theories of relativity, quantum mechanics is not yet based on a generally accepted conceptual foundation. It is proposed here that the missing principle may be identified through the observation that all knowledge in physics has to be expressed in propositions and that therefore the most elementary system represents the truth value of one proposition, i.e., it carries just one bit of information. Therefore an elementary system can only give a definite result in one specific measurement. The (...) irreducible randomness in other measurements is then a necessary consequence. For composite systems entanglement results if all possible information is exhausted in specifying joint properties of the constituents. (shrink)