In a medium-sized mixing bowl, mix together yeast and ½ cup warm water. Mix well and allow it to sit for 5-10, or until bubbly.
Mix together flour, sugar, salt, oil, and remaining water (2 cups). Once the yeast has bubbled, add the flour mixture to the yeast mixture.
Using a dough hook on a stand mixer, continue to mix until the dough for about 5 minutes on medium speed. The dough will become more elastic and smooth. (do not wash the hook, you will need to knead again)
While the dough is kneading, grease the Instant Pot inner lid with some oil to prevent your dough from sticking.
Preheat your oven to 425°F/218°C.
Transfer the dough to the Instant Pot. Set the Instant Pot to yogurt mode. Cover with the lid. At 10 minutes, transfer the dough back to the mixing bowl, and knead for another 5 minutes. Transfer back to the instant pot keeping it on yogurt mode. Continue this process a total of 3 times, for 40 minutes.
On a cookie sheet or baking pan, lightly flour the pan. Transfer dough to the pan and separate into two equal portions.
Form each piece of dough into a long loaf, like a French loaf, seam side down. Score the top with a knife. Brush with the egg white to allow your bread to brown.
Place bread in the preheated oven for 10 minutes. Without removing the bread from the oven, turn the oven temperature down to 375°F/191°C for an additional 20 minutes. Bread will be golden brown and cooked through.
Let cool for about 10 minutes before slicing and serving.
Serve with butter or as is.