diff --git a/Makefile b/Makefile
index caa6f6992..2213e61a9 100644
--- a/Makefile
+++ b/Makefile
@@ -34,7 +34,6 @@ dist:  $(shell find ./lib) package.json
 		--out-dir \
 		./dist \
 		./lib
-	@ touch ./dist
 
 # Build the examples.
 examples:
@@ -84,6 +83,14 @@ test-server:
 		--fgrep "$(GREP)" \
 		./test/server.js
 
+# Watch the source.
+watch-dist:  $(shell find ./lib) package.json
+	@ $(babel) \
+		--watch \
+		--out-dir \
+		./dist \
+		./lib
+
 # Watch the examples.
 watch-examples:
 	@ $(watchify) \
diff --git a/examples/plain-text/index.js b/examples/plain-text/index.js
index e01371877..a9ec8e82c 100644
--- a/examples/plain-text/index.js
+++ b/examples/plain-text/index.js
@@ -66,6 +66,7 @@ class PlainText extends React.Component {
   render = () => {
     return (
       <Editor
+        placeholder={'Enter some plain text...'}
         state={this.state.state}
         onChange={this.onChange}
       />
diff --git a/examples/rich-text/index.js b/examples/rich-text/index.js
index c6660ace2..2c2b6ce68 100644
--- a/examples/rich-text/index.js
+++ b/examples/rich-text/index.js
@@ -1,5 +1,5 @@
 
-import { Editor, Mark, Raw, Utils } from '../..'
+import { Editor, Mark, Placeholder, Raw, Utils } from '../..'
 import React from 'react'
 import initialState from './state.json'
 import keycode from 'keycode'
@@ -11,13 +11,12 @@ import keycode from 'keycode'
  */
 
 const NODES = {
-  'block-quote': props => <blockquote>{props.children}</blockquote>,
-  'bulleted-list': props => <ul>{props.chidlren}</ul>,
-  'heading-one': props => <h1>{props.children}</h1>,
-  'heading-two': props => <h2>{props.children}</h2>,
-  'list-item': props => <li>{props.chidlren}</li>,
-  'numbered-list': props => <ol>{props.children}</ol>,
-  'paragraph': props => <p>{props.children}</p>
+  'block-quote': props => <blockquote {...props.attributes}>{props.children}</blockquote>,
+  'bulleted-list': props => <ul {...props.attributes}>{props.chidlren}</ul>,
+  'heading-one': props => <h1 {...props.attributes}>{props.children}</h1>,
+  'heading-two': props => <h2 {...props.attributes}>{props.children}</h2>,
+  'list-item': props => <li {...props.attributes}>{props.chidlren}</li>,
+  'numbered-list': props => <ol {...props.attributes}>{props.children}</ol>
 }
 
 /**
@@ -107,6 +106,7 @@ class RichText extends React.Component {
     return (
       <div className="editor">
         <Editor
+          placeholder={'Enter some rich text...'}
           state={this.state.state}
           renderNode={this.renderNode}
           renderMark={this.renderMark}
diff --git a/lib/components/content.js b/lib/components/content.js
index 5f14255e6..4441a77a4 100644
--- a/lib/components/content.js
+++ b/lib/components/content.js
@@ -387,8 +387,13 @@ class Content extends React.Component {
       .map(child => this.renderNode(child))
       .toArray()
 
+    const attributes = {
+      'data-key': node.key
+    }
+
     const element = (
       <Component
+        attributes={attributes}
         key={node.key}
         editor={editor}
         node={node}
diff --git a/lib/components/editor.js b/lib/components/editor.js
index 4d917dd7e..e604bebfc 100644
--- a/lib/components/editor.js
+++ b/lib/components/editor.js
@@ -1,8 +1,8 @@
 
 import Content from './content'
+import CorePlugin from '../plugins/core'
 import React from 'react'
 import State from '../models/state'
-import corePlugin from '../plugins/core'
 
 /**
  * Editor.
@@ -190,7 +190,6 @@ class Editor extends React.Component {
       if (!plugin.renderNode) continue
       const component = plugin.renderNode(node, this.state.state, this)
       if (component) return component
-      throw new Error(`No renderer found for node with type "${node.type}".`)
     }
   }
 
@@ -206,7 +205,6 @@ class Editor extends React.Component {
       if (!plugin.renderMark) continue
       const style = plugin.renderMark(mark, this.state.state, this)
       if (style) return style
-      throw new Error(`No renderer found for mark with type "${mark.type}".`)
     }
   }
 
@@ -226,6 +224,7 @@ class Editor extends React.Component {
 
   resolvePlugins = (props) => {
     const { onChange, plugins, ...editorPlugin } = props
+    const corePlugin = CorePlugin(props)
     return [
       editorPlugin,
       ...plugins,
diff --git a/lib/components/placeholder.js b/lib/components/placeholder.js
new file mode 100644
index 000000000..f532dde44
--- /dev/null
+++ b/lib/components/placeholder.js
@@ -0,0 +1,108 @@
+
+import Portal from 'react-portal'
+import React from 'react'
+import findDOMNode from '../utils/find-dom-node'
+
+/**
+ * Placeholder.
+ */
+
+class Placeholder extends React.Component {
+
+  /**
+   * Properties.
+   */
+
+  static propTypes = {
+    children: React.PropTypes.any.isRequired,
+    className: React.PropTypes.string,
+    node: React.PropTypes.object.isRequired,
+    parent: React.PropTypes.object.isRequired,
+    state: React.PropTypes.object.isRequired,
+    style: React.PropTypes.object
+  };
+
+  static defaultProps = {
+    onlyFirstChild: false,
+    style: {
+      opacity: '0.333'
+    }
+  };
+
+  /**
+   * Should the component update?
+   *
+   * @param {Object} props
+   * @param {Object} state
+   * @return {Boolean}
+   */
+
+  shouldComponentUpdate = (props, state) => {
+    return (
+      props.children != this.props.children ||
+      props.className != this.props.className ||
+      props.parent != this.props.parent ||
+      props.node != this.props.node ||
+      props.style != this.props.style
+    )
+  }
+
+  /**
+   * Is the placeholder visible?
+   *
+   * @return {Boolean}
+   */
+
+  isVisible = () => {
+    const { onlyFirstChild, node, parent } = this.props
+    if (node.text) return false
+    if (parent.nodes.size > 1) return false
+
+    const isFirst = parent.nodes.first() === node
+    if (isFirst) return true
+
+    return false
+  }
+
+  /**
+   * On open, update the placeholder element's position.
+   *
+   * @param {Element} portal
+   */
+
+  onOpen = (portal) => {
+    const { node } = this.props
+    const el = portal.firstChild
+    const nodeEl = findDOMNode(node)
+    const rect = nodeEl.getBoundingClientRect()
+    el.style.pointerEvents = 'none'
+    el.style.position = 'absolute'
+    el.style.top = `${rect.top}px`
+    el.style.left = `${rect.left}px`
+    el.style.width = `${rect.width}px`
+    el.style.height = `${rect.height}px`
+  }
+
+  /**
+   * Render.
+   *
+   * @return {Element} element
+   */
+
+  render = () => {
+    const { children, className, style } = this.props
+    const isOpen = this.isVisible()
+    return (
+      <Portal isOpened={isOpen} onOpen={this.onOpen}>
+        <span className={className} style={style}>{children}</span>
+      </Portal>
+    )
+  }
+
+}
+
+/**
+ * Export.
+ */
+
+export default Placeholder
diff --git a/lib/index.js b/lib/index.js
index d14bf71c7..3112f9251 100644
--- a/lib/index.js
+++ b/lib/index.js
@@ -4,6 +4,7 @@
  */
 
 import Editor from './components/editor'
+import Placeholder from './components/placeholder'
 
 /**
  * Models.
@@ -31,8 +32,12 @@ import Raw from './serializers/raw'
  */
 
 import Key from './utils/key'
+import findDOMNode from './utils/find-dom-node'
 
-const Utils = { Key }
+const Utils = {
+  Key,
+  findDOMNode
+}
 
 /**
  * Export.
@@ -47,6 +52,7 @@ export {
   Html,
   Inline,
   Mark,
+  Placeholder,
   Raw,
   Selection,
   State,
@@ -63,6 +69,7 @@ export default {
   Html,
   Inline,
   Mark,
+  Placeholder,
   Raw,
   Selection,
   State,
diff --git a/lib/models/node.js b/lib/models/node.js
index 26d13380c..a4e5e3e7f 100644
--- a/lib/models/node.js
+++ b/lib/models/node.js
@@ -485,7 +485,7 @@ const Node = {
     if (range.isCollapsed && startOffset == 0) {
       const text = this.getDescendant(startKey)
       const previous = this.getPreviousText(startKey)
-      if (!previous) return marks
+      if (!previous || !previous.length) return marks
       const char = previous.characters.get(previous.length - 1)
       return char.marks
     }
diff --git a/lib/plugins/core.js b/lib/plugins/core.js
index e0f8520c9..c5327a63b 100644
--- a/lib/plugins/core.js
+++ b/lib/plugins/core.js
@@ -1,204 +1,258 @@
 
 import Key from '../utils/key'
+import Placeholder from '../components/placeholder'
 import React from 'react'
 import keycode from 'keycode'
 import { IS_WINDOWS, IS_MAC } from '../utils/environment'
 
 /**
- * Default block renderer.
+ * The default plugin.
  *
- * @param {Object} props
- * @return {Element} element
+ * @param {Object} options
+ * @return {Object}
  */
 
-function DEFAULT_BLOCK(props) {
-  return <div>{props.children}</div>
+function Plugin(options = {}) {
+  const { placeholder } = options
+
+  /**
+   * Define a default block renderer.
+   *
+   * @type {Component}
+   */
+
+  class DEFAULT_BLOCK extends React.Component {
+
+    static propTypes = {
+      attributes: React.PropTypes.object.isRequired,
+      children: React.PropTypes.any.isRequired,
+      node: React.PropTypes.object.isRequired,
+      state: React.PropTypes.object.isRequired
+    };
+
+    render = () => {
+      const { attributes, children } = this.props
+      return (
+        <div {...attributes}>
+          {this.renderPlaceholder()}
+          {children}
+        </div>
+      )
+    }
+
+    renderPlaceholder = () => {
+      if (!placeholder) return null
+      const { node, state } = this.props
+
+      return (
+        <Placeholder parent={state.document} node={node} state={state}>
+          {placeholder}
+        </Placeholder>
+      )
+    }
+  }
+
+  /**
+   * Define a default inline renderer.
+   *
+   * @type {Component}
+   */
+
+  class DEFAULT_INLINE extends React.Component {
+
+    static propTypes = {
+      attributes: React.PropTypes.object.isRequired,
+      children: React.PropTypes.any.isRequired,
+      node: React.PropTypes.object.isRequired,
+      state: React.PropTypes.object.isRequired
+    };
+
+    render = () => {
+      const { attributes, children } = this.props
+      return <span {...attributes}>{children}</span>
+    }
+
+  }
+
+  /**
+   * Define a default mark renderer.
+   *
+   * @type {Object}
+   */
+
+  const DEFAULT_MARK = {}
+
+  /**
+   * Return the plugin.
+   */
+
+  return {
+
+    /**
+     * The core `onBeforeInput` handler.
+     *
+     * If the current selection is expanded, we have to re-render.
+     *
+     * If the next state resolves a new list of decorations for any of its text
+     * nodes, we have to re-render.
+     *
+     * Otherwise, we can allow the default, native text insertion, avoiding a
+     * re-render for improved performance.
+     *
+     * @param {Event} e
+     * @param {State} state
+     * @param {Editor} editor
+     * @return {State or Null} newState
+     */
+
+    onBeforeInput(e, state, editor) {
+      const transform = state.transform().insertText(e.data)
+      const synthetic = transform.apply()
+      const resolved = editor.resolveState(synthetic)
+
+      const isSynthenic = (
+        state.isExpanded ||
+        !resolved.equals(synthetic)
+      )
+
+      if (isSynthenic) e.preventDefault()
+
+      return isSynthenic
+        ? synthetic
+        : transform.apply({ isNative: true })
+    },
+
+    /**
+     * The core `onKeyDown` handler.
+     *
+     * @param {Event} e
+     * @param {State} state
+     * @param {Editor} editor
+     * @return {State or Null} newState
+     */
+
+    onKeyDown(e, state, editor) {
+      const key = keycode(e.which)
+      const transform = state.transform()
+
+      switch (key) {
+        case 'enter': {
+          return transform.splitBlock().apply()
+        }
+
+        case 'backspace': {
+          return Key.isWord(e)
+            ? transform.backspaceWord().apply()
+            : transform.deleteBackward().apply()
+        }
+
+        case 'delete': {
+          return Key.isWord(e)
+            ? transform.deleteWord().apply()
+            : transform.deleteForward().apply()
+        }
+
+        case 'up': {
+          if (state.isExpanded) return
+          const first = state.blocks.first()
+          if (!first || !first.isVoid) return
+          e.preventDefault()
+          return transform.moveToEndOfPreviousBlock().apply()
+        }
+
+        case 'down': {
+          if (state.isExpanded) return
+          const first = state.blocks.first()
+          if (!first || !first.isVoid) return
+          e.preventDefault()
+          return transform.moveToStartOfNextBlock().apply()
+        }
+
+        case 'left': {
+          if (state.isExpanded) return
+          const node = state.blocks.first() || state.inlines.first()
+          if (!node || !node.isVoid) return
+          e.preventDefault()
+          return transform.moveToEndOfPreviousText().apply()
+        }
+
+        case 'right': {
+          if (state.isExpanded) return
+          const node = state.blocks.first() || state.inlines.first()
+          if (!node || !node.isVoid) return
+          e.preventDefault()
+          return transform.moveToStartOfNextText().apply()
+        }
+
+        case 'y': {
+          if (!Key.isWindowsCommand(e)) return
+          return transform.redo()
+        }
+
+        case 'z': {
+          if (!Key.isCommand(e)) return
+          return IS_MAC && Key.isShift(e)
+            ? transform.redo()
+            : transform.undo()
+        }
+      }
+    },
+
+    /**
+     * The core `onPaste` handler, which treats everything as plain text.
+     *
+     * @param {Event} e
+     * @param {Object} paste
+     * @param {State} state
+     * @param {Editor} editor
+     * @return {State or Null} newState
+     */
+
+    onPaste(e, paste, state, editor) {
+      if (paste.type == 'files') return
+
+      let transform = state.transform()
+
+      paste.text
+        .split('\n')
+        .forEach((line, i) => {
+          if (i > 0) transform = transform.splitBlock()
+          transform = transform.insertText(line)
+        })
+
+      return transform.apply()
+    },
+
+    /**
+     * The core `node` renderer, which uses plain `<div>` or `<span>` depending on
+     * what kind of node it is.
+     *
+     * @param {Node} node
+     * @return {Component} component
+     */
+
+    renderNode(node) {
+      return node.kind == 'block'
+        ? DEFAULT_BLOCK
+        : DEFAULT_INLINE
+    },
+
+    /**
+     * The core `mark` renderer, with no styles.
+     *
+     * @param {Mark} mark
+     * @return {Object} style
+     */
+
+    renderMark(mark) {
+      return DEFAULT_MARK
+    }
+  }
 }
 
-/**
- * Default inline renderer.
- *
- * @param {Object} props
- * @return {Element} element
- */
-
-function DEFAULT_INLINE(props) {
-  return <span>{props.children}</span>
-}
-
-/**
- * Default mark renderer.
- *
- * @type {Object}
- */
-
-const DEFAULT_MARK = {}
 
 /**
  * Export.
  */
 
-export default {
-
-  /**
-   * The core `onBeforeInput` handler.
-   *
-   * If the current selection is expanded, we have to re-render.
-   *
-   * If the next state resolves a new list of decorations for any of its text
-   * nodes, we have to re-render.
-   *
-   * Otherwise, we can allow the default, native text insertion, avoiding a
-   * re-render for improved performance.
-   *
-   * @param {Event} e
-   * @param {State} state
-   * @param {Editor} editor
-   * @return {State or Null} newState
-   */
-
-  onBeforeInput(e, state, editor) {
-    const transform = state.transform().insertText(e.data)
-    const synthetic = transform.apply()
-    const resolved = editor.resolveState(synthetic)
-
-    const isSynthenic = (
-      state.isExpanded ||
-      !resolved.equals(synthetic)
-    )
-
-    if (isSynthenic) e.preventDefault()
-
-    return isSynthenic
-      ? synthetic
-      : transform.apply({ isNative: true })
-  },
-
-  /**
-   * The core `onKeyDown` handler.
-   *
-   * @param {Event} e
-   * @param {State} state
-   * @param {Editor} editor
-   * @return {State or Null} newState
-   */
-
-  onKeyDown(e, state, editor) {
-    const key = keycode(e.which)
-    const transform = state.transform()
-
-    switch (key) {
-      case 'enter': {
-        return transform.splitBlock().apply()
-      }
-
-      case 'backspace': {
-        return Key.isWord(e)
-          ? transform.backspaceWord().apply()
-          : transform.deleteBackward().apply()
-      }
-
-      case 'delete': {
-        return Key.isWord(e)
-          ? transform.deleteWord().apply()
-          : transform.deleteForward().apply()
-      }
-
-      case 'up': {
-        if (state.isExpanded) return
-        const first = state.blocks.first()
-        if (!first || !first.isVoid) return
-        e.preventDefault()
-        return transform.moveToEndOfPreviousBlock().apply()
-      }
-
-      case 'down': {
-        if (state.isExpanded) return
-        const first = state.blocks.first()
-        if (!first || !first.isVoid) return
-        e.preventDefault()
-        return transform.moveToStartOfNextBlock().apply()
-      }
-
-      case 'left': {
-        if (state.isExpanded) return
-        const node = state.blocks.first() || state.inlines.first()
-        if (!node || !node.isVoid) return
-        e.preventDefault()
-        return transform.moveToEndOfPreviousText().apply()
-      }
-
-      case 'right': {
-        if (state.isExpanded) return
-        const node = state.blocks.first() || state.inlines.first()
-        if (!node || !node.isVoid) return
-        e.preventDefault()
-        return transform.moveToStartOfNextText().apply()
-      }
-
-      case 'y': {
-        if (!Key.isWindowsCommand(e)) return
-        return transform.redo()
-      }
-
-      case 'z': {
-        if (!Key.isCommand(e)) return
-        return IS_MAC && Key.isShift(e)
-          ? transform.redo()
-          : transform.undo()
-      }
-    }
-  },
-
-  /**
-   * The core `onPaste` handler, which treats everything as plain text.
-   *
-   * @param {Event} e
-   * @param {Object} paste
-   * @param {State} state
-   * @param {Editor} editor
-   * @return {State or Null} newState
-   */
-
-  onPaste(e, paste, state, editor) {
-    if (paste.type == 'files') return
-
-    let transform = state.transform()
-
-    paste.text
-      .split('\n')
-      .forEach((line, i) => {
-        if (i > 0) transform = transform.splitBlock()
-        transform = transform.insertText(line)
-      })
-
-    return transform.apply()
-  },
-
-  /**
-   * The core `node` renderer, which uses plain `<div>` or `<span>` depending on
-   * what kind of node it is.
-   *
-   * @param {Node} node
-   * @return {Component} component
-   */
-
-  renderNode(node) {
-    return node.kind == 'block'
-      ? DEFAULT_BLOCK
-      : DEFAULT_INLINE
-  },
-
-  /**
-   * The core `mark` renderer, with no styles.
-   *
-   * @param {Mark} mark
-   * @return {Object} style
-   */
-
-  renderMark(mark) {
-    return DEFAULT_MARK
-  }
-
-}
-
+export default Plugin
diff --git a/lib/utils/find-dom-node.js b/lib/utils/find-dom-node.js
new file mode 100644
index 000000000..2ad55b6d5
--- /dev/null
+++ b/lib/utils/find-dom-node.js
@@ -0,0 +1,17 @@
+
+/**
+ * Find the DOM node for a `node`.
+ *
+ * @param {Node} node
+ * @return {Element} el
+ */
+
+function findDOMNode(node) {
+  return window.document.querySelector(`[data-key="${node.key}"]`)
+}
+
+/**
+ * Export.
+ */
+
+export default findDOMNode