Whisk the water with the sugar and yeast in a large stainless-steel bowl. Mix in the olive oil. Then mix in the flour with a large, strong spoon, your hands, or a stand mixer with a dough hook attachment. Mix for about 5 minutes on slow speed, until everything is just incorporated. After everything is mixed and there aren’t any dry parts, scrape any remaining dough down the sides and cover the bowl with plastic wrap. Let it rest for 30 minutes. Bring to a boil on medium heat. Reduce heat to low and cover and simmer 5 minutes.
Next, knead the salt into the dough until the dough is smooth and salt is fully incorporated, using wet hands (this makes handling it easier) or a dough scraper. Gently fold the dough over onto itself. One the salt is incorporated, cover the bowl with plastic wrap and put it in the fridge for 24 hours for a slow, long fermentation.
After the dough has chilled for 24 hours, take it out of the fridge and scrape it out onto a well-floured, clean counter. Shape the entire thing into one big ball. With well-floured hands, grab either end of the dough mass and pull them up to meet the middle. Rotate the dough one quarter turn and repeat, incorporating the dough into itself to form one smooth, round, floured ball. Flip the whole thing over, then, using a knife or bench scraper, cut the dough in half.
With well-floured hands, take one half of the dough and fold it over on itself, essentially repeating the same shaping technique with each half until you have a rounds, smooth-surfaced ball.
Set it on a floured surface and let it sit, covered with a kitchen towel, until it doubles in size. It should take approximately three to four hours. It should feel smooth at this point, and it should rise back slowly when you press it with your finger, and is ready to use.
At this point, you can also put the dough back in the fridge in a sealed container for up to 24 hours.