1. A non-transitory computer-readable medium containing executable program instructions for performing a method comprising: in a plurality of networked nodes wherein each node has a local object store, the local object stores storing objects and sharing one or more objects, the objects having globally unique names across the networked nodes and wherein the object names do not change based upon where the objects are stored on the nodes; determining placement of object instances on the local object store of one or more nodes based on network or node performance or data reliability independent of the name of the object; maintaining, at each node, a local index for mapping object names to physical locations on the local node where the objects instances are stored; maintaining, at each node, a Local Reference Count LRC of local references to object names, independent of any object instance stored in the local store, the LRC being maintained as a signed integer, wherein adjustments are made to the LRC for each local new reference and dereference, wherein a de-referencing of an object name can generate a negative LRC value.