What exactly takes place during cold fermentation

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What exactly takes place during cold fermentation, especially as it pretains to open crumb and flavor?

I know it works, but I would like to understand why. A number of very excellent bakers are advocating a 30-50% rise during bulk ferment at ambient temps. After that there are 2 basic paths. Either bulk retard or shape and retard the shaped loaves.

I have read that CO2 gasses are absorbed into the dough during cold fermentation. If this is the case, I lack understanding the process.

I really hope this topic will provide definitive answers concerning this.

Dan

”inquiring minds want to know...”

I found this to be really helpful in understanding what happens during fermentation under various conditions, and why. It's an audio podcast, I took notes that I could refer back to later, as there is no text provided. I just started baking recently, so I listened to the whole series of audios on bread first (as he suggests) and found them very enlightening. Here is a link to the podcast. He has some videos on the site as well. 

SCS 022| Let's Bake Some Sourdough | Stella Culinary

The other Dan