diff --git a/include/yaml-cpp/node/detail/iterator.h b/include/yaml-cpp/node/detail/iterator.h
index cc5f9d3..82b00df 100644
--- a/include/yaml-cpp/node/detail/iterator.h
+++ b/include/yaml-cpp/node/detail/iterator.h
@@ -15,7 +15,6 @@
 
 namespace YAML {
 namespace detail {
-struct iterator_value;
 
 template <typename V>
 class iterator_base : public std::iterator<std::forward_iterator_tag, V,
@@ -39,7 +38,7 @@ class iterator_base : public std::iterator<std::forward_iterator_tag, V,
   typedef typename iterator_base::value_type value_type;
 
  public:
-  iterator_base() : m_iterator(), m_pMemory() {}
+  iterator_base() : m_iterator(), m_pMemory(nullptr) {}
   explicit iterator_base(base_type rhs, shared_memory_holder pMemory)
       : m_iterator(rhs), m_pMemory(pMemory) {}
 
diff --git a/include/yaml-cpp/node/detail/memory.h b/include/yaml-cpp/node/detail/memory.h
index 8f2bc26..f0a9bef 100644
--- a/include/yaml-cpp/node/detail/memory.h
+++ b/include/yaml-cpp/node/detail/memory.h
@@ -7,7 +7,7 @@
 #pragma once
 #endif
 
-#include <set>
+#include <list>
 
 #include "yaml-cpp/dll.h"
 #include "yaml-cpp/node/ptr.h"
@@ -15,31 +15,43 @@
 namespace YAML {
 namespace detail {
 class node;
+
 }  // namespace detail
 }  // namespace YAML
 
 namespace YAML {
 namespace detail {
-class YAML_CPP_API memory {
+
+class YAML_CPP_API memory : public ref_counted {
  public:
   node& create_node();
-  void merge(const memory& rhs);
+  void merge(memory&& rhs);
+
+  memory();
+  ~memory();
 
  private:
-  typedef std::set<shared_node> Nodes;
+  typedef std::list<node> Nodes;
   Nodes m_nodes;
 };
 
-class YAML_CPP_API memory_holder {
+typedef ref_holder<memory> shared_memory;
+
+class YAML_CPP_API memory_holder : public ref_counted {
  public:
-  memory_holder() : m_pMemory(new memory) {}
+   memory_holder();
+  ~memory_holder();
 
   node& create_node() { return m_pMemory->create_node(); }
   void merge(memory_holder& rhs);
 
  private:
   shared_memory m_pMemory;
+
 };
+
+typedef ref_holder<memory_holder> shared_memory_holder;
+
 }
 }
 
diff --git a/include/yaml-cpp/node/detail/node.h b/include/yaml-cpp/node/detail/node.h
index 77d1859..5cdea90 100644
--- a/include/yaml-cpp/node/detail/node.h
+++ b/include/yaml-cpp/node/detail/node.h
@@ -12,13 +12,19 @@
 #include "yaml-cpp/node/type.h"
 #include "yaml-cpp/node/ptr.h"
 #include "yaml-cpp/node/detail/node_data.h"
+#include "yaml-cpp/node/detail/memory.h"
 #include <set>
 
 namespace YAML {
 namespace detail {
 class node {
+
+ using node_data_ref = ref_holder<node_data>;
+
  public:
-  node() : m_pRef(new node_data) {}
+
+  node() : m_pRef(new node_data){}
+
   node(const node&) = delete;
   node& operator=(const node&) = delete;
 
@@ -37,24 +43,6 @@ class node {
   bool equals(const T& rhs, shared_memory_holder pMemory);
   bool equals(const char* rhs, shared_memory_holder pMemory);
 
-  void mark_defined() {
-    if (is_defined())
-      return;
-
-    m_pRef->mark_defined();
-    for (nodes::iterator it = m_dependencies.begin();
-         it != m_dependencies.end(); ++it)
-      (*it)->mark_defined();
-    m_dependencies.clear();
-  }
-
-  void add_dependency(node& rhs) {
-    if (is_defined())
-      rhs.mark_defined();
-    else
-      m_dependencies.insert(&rhs);
-  }
-
   void set_ref(const node& rhs) {
     if (rhs.is_defined())
       mark_defined();
@@ -159,7 +147,25 @@ class node {
   }
 
  private:
-  shared_node_data m_pRef;
+  void mark_defined() {
+    if (is_defined())
+      return;
+
+    m_pRef->mark_defined();
+    for (nodes::iterator it = m_dependencies.begin();
+         it != m_dependencies.end(); ++it)
+      (*it)->mark_defined();
+    m_dependencies.clear();
+  }
+
+  void add_dependency(node& rhs) {
+    if (is_defined())
+      rhs.mark_defined();
+    else
+      m_dependencies.insert(&rhs);
+  }
+
+  mutable node_data_ref m_pRef;
   typedef std::set<node*> nodes;
   nodes m_dependencies;
 };
diff --git a/include/yaml-cpp/node/detail/node_data.h b/include/yaml-cpp/node/detail/node_data.h
index 01cf7d4..33a2979 100644
--- a/include/yaml-cpp/node/detail/node_data.h
+++ b/include/yaml-cpp/node/detail/node_data.h
@@ -27,7 +27,7 @@ class node;
 
 namespace YAML {
 namespace detail {
-class YAML_CPP_API node_data {
+class YAML_CPP_API node_data : public ref_counted {
  public:
   node_data();
   node_data(const node_data&) = delete;
@@ -121,6 +121,7 @@ class YAML_CPP_API node_data {
   typedef std::pair<node*, node*> kv_pair;
   typedef std::list<kv_pair> kv_pairs;
   mutable kv_pairs m_undefinedPairs;
+
 };
 }
 }
diff --git a/include/yaml-cpp/node/impl.h b/include/yaml-cpp/node/impl.h
index 68cc582..c302608 100644
--- a/include/yaml-cpp/node/impl.h
+++ b/include/yaml-cpp/node/impl.h
@@ -15,12 +15,16 @@
 #include <string>
 
 namespace YAML {
-inline Node::Node() : m_isValid(true), m_pNode(NULL) {}
+inline Node::Node()
+    : m_isValid(true),
+      //m_pMemory(nullptr),
+      m_pMemory(new detail::memory_holder),
+      m_pNode(NULL) {}
 
 inline Node::Node(NodeType::value type)
     : m_isValid(true),
       m_pMemory(new detail::memory_holder),
-      m_pNode(&m_pMemory->create_node()) {
+      m_pNode(&(m_pMemory->create_node())) {
   m_pNode->set_type(type);
 }
 
@@ -28,7 +32,7 @@ template <typename T>
 inline Node::Node(const T& rhs)
     : m_isValid(true),
       m_pMemory(new detail::memory_holder),
-      m_pNode(&m_pMemory->create_node()) {
+      m_pNode(&(m_pMemory->create_node())) {
   Assign(rhs);
 }
 
@@ -42,10 +46,15 @@ inline Node::Node(const Node& rhs)
       m_pMemory(rhs.m_pMemory),
       m_pNode(rhs.m_pNode) {}
 
-inline Node::Node(Zombie) : m_isValid(false), m_pNode(NULL) {}
+inline Node::Node(Zombie)
+    : m_isValid(false),
+      m_pMemory(nullptr),
+      m_pNode(NULL) {}
 
 inline Node::Node(detail::node& node, detail::shared_memory_holder pMemory)
-    : m_isValid(true), m_pMemory(pMemory), m_pNode(&node) {}
+    : m_isValid(true),
+      m_pMemory(pMemory),
+      m_pNode(&node) {}
 
 inline Node::~Node() {}
 
diff --git a/include/yaml-cpp/node/iterator.h b/include/yaml-cpp/node/iterator.h
index 366a9c8..26f6055 100644
--- a/include/yaml-cpp/node/iterator.h
+++ b/include/yaml-cpp/node/iterator.h
@@ -24,6 +24,12 @@ struct iterator_value : public Node, std::pair<Node, Node> {
         std::pair<Node, Node>(Node(Node::ZombieNode), Node(Node::ZombieNode)) {}
   explicit iterator_value(const Node& key, const Node& value)
       : Node(Node::ZombieNode), std::pair<Node, Node>(key, value) {}
+
+  explicit iterator_value(Node&& rhs)
+      : Node(std::move(rhs)),
+        std::pair<Node, Node>(Node(Node::ZombieNode), Node(Node::ZombieNode)) {}
+  explicit iterator_value(Node&& key, Node&& value)
+      : Node(Node::ZombieNode), std::pair<Node, Node>(std::move(key), std::move(value)) {}
 };
 }
 }
diff --git a/include/yaml-cpp/node/node.h b/include/yaml-cpp/node/node.h
index 4e515d2..768e0c8 100644
--- a/include/yaml-cpp/node/node.h
+++ b/include/yaml-cpp/node/node.h
@@ -14,7 +14,7 @@
 #include "yaml-cpp/mark.h"
 #include "yaml-cpp/node/detail/bool_type.h"
 #include "yaml-cpp/node/detail/iterator_fwd.h"
-#include "yaml-cpp/node/ptr.h"
+#include "yaml-cpp/node/detail/memory.h"
 #include "yaml-cpp/node/type.h"
 
 namespace YAML {
diff --git a/include/yaml-cpp/node/ptr.h b/include/yaml-cpp/node/ptr.h
index 6ac80ac..30aae81 100644
--- a/include/yaml-cpp/node/ptr.h
+++ b/include/yaml-cpp/node/ptr.h
@@ -8,19 +8,105 @@
 #endif
 
 #include "yaml-cpp/dll.h"
-#include <memory>
 
 namespace YAML {
 namespace detail {
-class node;
-class node_data;
-class memory;
-class memory_holder;
 
-typedef std::shared_ptr<node> shared_node;
-typedef std::shared_ptr<node_data> shared_node_data;
-typedef std::shared_ptr<memory_holder> shared_memory_holder;
-typedef std::shared_ptr<memory> shared_memory;
+template <typename T>
+struct ref_holder {
+  ~ref_holder<T>() {
+    if (m_ptr)
+      m_ptr->release();
+  }
+  ref_holder<T>(T* ptr) {
+    if (ptr) {
+      ptr->hold();
+    }
+    m_ptr = ptr;
+  }
+
+  ref_holder<T>(const ref_holder<T>& ref) {
+    if (ref.m_ptr) {
+      ref.m_ptr->hold();
+    }
+    m_ptr = ref.m_ptr;
+  }
+
+  ref_holder<T>(ref_holder<T>&& ref) {
+    m_ptr = ref.m_ptr;
+    ref.m_ptr = nullptr;
+  }
+
+  ref_holder<T>& operator=(const ref_holder<T>& ref) {
+    if (ref.m_ptr == m_ptr) {
+      return *this;
+    }
+    if (ref.m_ptr) {
+      ref.m_ptr->hold();
+    }
+    if (m_ptr) {
+      m_ptr->release();
+    }
+    m_ptr = ref.m_ptr;
+    return *this;
+  }
+
+  ref_holder<T>& operator=(ref_holder<T>&& ref) {
+    if (ref.m_ptr == m_ptr) {
+      return *this;
+    }
+
+    if (m_ptr) {
+      m_ptr->release();
+    }
+    m_ptr = ref.m_ptr;
+    ref.m_ptr = nullptr;
+    return *this;
+  }
+
+  bool operator==(const ref_holder<T>& ref) const { return m_ptr == ref.m_ptr; }
+  bool operator!=(const ref_holder<T>& ref) const { return m_ptr != ref.m_ptr; }
+
+  const T* operator->() const { return m_ptr; }
+  T* operator->() { return m_ptr; }
+
+  const T& operator*() const { return *m_ptr; }
+  T& operator*() { return *m_ptr; }
+
+  const T* get() { return m_ptr; }
+
+  void reset(T* ptr) {
+    if (ptr == m_ptr) {
+      return;
+    }
+    if (m_ptr) {
+      m_ptr->release();
+    }
+    if (ptr) {
+      ptr->hold();
+    }
+    m_ptr = ptr;
+  }
+
+  operator bool() const { return m_ptr != nullptr; }
+
+ private:
+  T* m_ptr;
+};
+
+struct ref_counted {
+
+  void hold() { m_refs++; }
+  void release() {
+    if (--m_refs == 0) {
+      delete this;
+    }
+  }
+  virtual ~ref_counted() {}
+
+ private:
+  std::size_t m_refs = 0;
+};
 }
 }
 
diff --git a/src/memory.cpp b/src/memory.cpp
index e5f8a9d..59c87aa 100644
--- a/src/memory.cpp
+++ b/src/memory.cpp
@@ -5,22 +5,27 @@
 namespace YAML {
 namespace detail {
 
+typedef ref_holder<node> node_ref;
+
 void memory_holder::merge(memory_holder& rhs) {
   if (m_pMemory == rhs.m_pMemory)
     return;
 
-  m_pMemory->merge(*rhs.m_pMemory);
+  m_pMemory->merge(std::move(*rhs.m_pMemory));
   rhs.m_pMemory = m_pMemory;
 }
 
 node& memory::create_node() {
-  shared_node pNode(new node);
-  m_nodes.insert(pNode);
-  return *pNode;
+  m_nodes.emplace_back();
+  return m_nodes.back();
 }
 
-void memory::merge(const memory& rhs) {
-  m_nodes.insert(rhs.m_nodes.begin(), rhs.m_nodes.end());
-}
+void memory::merge(memory&& rhs) { m_nodes.splice(m_nodes.end(), rhs.m_nodes); }
+
+memory_holder::memory_holder() : m_pMemory(new memory) {}
+memory_holder::~memory_holder() {}
+
+memory::memory() {}
+memory::~memory() {}
 }
 }
diff --git a/src/nodebuilder.h b/src/nodebuilder.h
index a6a47f0..e0eb0b8 100644
--- a/src/nodebuilder.h
+++ b/src/nodebuilder.h
@@ -12,7 +12,7 @@
 #include "yaml-cpp/anchor.h"
 #include "yaml-cpp/emitterstyle.h"
 #include "yaml-cpp/eventhandler.h"
-#include "yaml-cpp/node/ptr.h"
+#include "yaml-cpp/node/detail/memory.h"
 
 namespace YAML {
 namespace detail {
diff --git a/src/nodeevents.h b/src/nodeevents.h
index 6c26b96..2bd5af0 100644
--- a/src/nodeevents.h
+++ b/src/nodeevents.h
@@ -11,11 +11,12 @@
 #include <vector>
 
 #include "yaml-cpp/anchor.h"
-#include "yaml-cpp/node/ptr.h"
+#include "yaml-cpp/node/detail/memory.h"
 
 namespace YAML {
 namespace detail {
 class node;
+class node_data;
 }  // namespace detail
 }  // namespace YAML