J. KENJI LÓPEZ-ALT over at Serious Eats lays it all out for you in his Food Lab article The Science Of No-Knead Dough.
He also has an improved version of the no-knead bread recipe that has better flavor, check it out at http://www.seriouseats.com/recipes/2011/06/better-no-knead-bread-recipe.html . This recipe keeps the dough for 3 days for a cold rise which helps the dough not have such a sour yeasty taste.
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