The idea behind the challenge is to stop 'reinventing the wheel' which according to SF Writers of America, means:
A novice author goes to enormous lengths to create a science-fictional situation already tiresomely familiar to the experienced reader. Reinventing the Wheel was traditionally typical of mainstream writers venturing into SF. It is now often seen in writers who lack experience in genre history because they were attracted to written SF via SF movies, SF television series, SF role-playing games, SF comics or SF computer gaming.The 'reinvention of the wheel' though doesn't just happen in SF and Fantasy but in almost every genre, so its always important (so i've been repeatedly told) to be extremely well read - for both your chosen genre and outside that genre. However, similar to FITG books, i keep putting alot of these books in a TBR pile which i never actually get around to.
So, the Basics Challenge is similar to FITG project except it is focused on the classics/basics of a particular genre rather than a mix of books.
So if your interested in joining up, drop by the blog and/or drop me an email at firstname.lastname@example.org and i'll send you an invite.