Liberally grease a 10 inch wide glass or metal bowl with butter.
Add a 1/2 cup warm water to another large bowl and mix in sugar until dissolved. Mix in yeast and cover the bowl with a towel. After 7-10 minutes the mixture should be frothy with small bubbles. If it is not frothy, then the yeast is dead and you need to start over with fresh yeast.
As you are waiting for the yeast to proof, mix together all dry ingredients in a large bowl. Sift the dry ingredients through a sifter or a sieve.
Add remaining 1 3/4 cup water and olive oil to the frothy yeast mixture and stir to combine.
Slowly add the dry ingredients to the wet and stir with a wooden spoon until fully combined.
The dough should be sticky and rather wet. If it is too dry to knead, then add a little bit more water. Knead the dough for 3 minutes. Do not over knead.
Form the dough into a ball and place in the greased bowl.
Preheat the oven for 2-3 minutes until the temperature reaches 100-110 degrees. Cover the bowl with a towel and place in the warm oven to rise for 1 hour. Remove from the oven.
Preheat the oven to 350 degrees F and melt the butter in a small bowl in the microwave. Brush the butter over the top of the dough.
Place the bowl in the oven and bake for 35-45 minutes until the internal temperature reaches 190-200 degrees F. The closer to 200 degrees that you get, the thicker the crust.
Cool in the bowl for 10 minutes. Then place a large cutting board over the bowl. Invert the bowl to release the bread.
Cool completely before cutting.
* The sugar is converted to alcohol and carbon dioxide in the fermentation process, so the carbohydrates are cancelled out.
TO MAKE THIS BREAD IN A LOAF PAN:
Follow steps 1 through 8. Then take the risen bread dough out of the oven and place it on the counter. Use your fist to punch the air out of the dough, 3-4 times. Roll the dough into a loaf shape and place it in a greased loaf pan. Allow to rise for 45 more minutes. Then resume the recipe for steps 9-12.