These brownies are supposed to be of the dense, fudgy texture, rather than a more cake-like one. So they would be dense or heavy in comparison. The butter is necessary to mix with the cocoa, to replace the cocoa butter found in ordinary chocolate- so it's also helping avoid the dry bitterness you'd get otherwise. If you cut back on the butter and used water to maintain batter consistency, you'd likely end up with something that was just as dense, and not very tasty. I think you'd probably be happier with a different brownie recipe, which has more cake than fudge like texture. If you slightly underbake a cake brownie recipe, you do still get a slightly fudgy consistency. You don't need quite as much butter or fat, and you can use regular baking chocolate instead of cocoa. They also wouldn't be quite so dense, because they usually include eggs and an additional leavening agent.
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