The purpose of this paper is to introduce a new information theory and explore its appplications. Using modern computational complexity, we study the notion of information that can be accessed through a feasible computation. In Part 1 of this paper, we lay the foundation of the theory and set up a framework for cryptography and pseudorandom number generation. In Part 2, we study the concept of trapdoor functions and examine applications of such functions in cryptography, pseudorandom number generation, and abstract complexity theory.