Whitish, fatty material which has a waxy appearance that covers nerve fibers, protects and insulates the fibers & increases transmission rate of nerve impulses, axons outside CNS are myelinated by Schwann Cells, these cells wrap around in a jelly-roll fashion which increases the speed at which impulses are transmitted, has gaps or indentations called NODES of RANVIER which allow ions to flow freely from ECF to axons, assisting in developing action potentials for nerve transmission, myelinated axons conduct action potentials more quickly (3-15 meters/sec) than unmyelinated due to Nodes of Ranvier, myelinated fibers are also found in the CNS, where it is the OLIGODENDROCYTES that form CNS myelin sheaths, in contrast to Schwann cells, each of which deposits myelin around a small segment of one nerve fiber, the oligodendrocytes with their many flat extensions can coil around as many as 60 different fibers at the same time, although myelin sheaths formed by oligodendrocytes and Schwann cells are similar, the CNS sheaths lack neurolemma (thin sheath around the axon containing most of cytoplasm/ cytoplasm outside the myelin sheath)