The French Polynesia has signed a memorandum of understanding with California's Seasteading Institute in San Francisco on Friday, which is aimed at building the world's first autonomous floating city.

According to the institute's page, the executive director Randolph Hencken supposes that the seasteading offers a solution to create new, resilient territory, as parts of the French Polynesia is currently facing threats of disappearance due to its low-lying nature. It is also seen as a tool for climate change adaptation.

Science Alert said that if ocean levels continue to rise at their current rate, French Polynesia could lose up to two-thirds of its land to the sea. While the developers have already laid out the impressive plan, further investigations are yet to be conducted to determine its environmental and economic impact.

"What we're interested in is societal choice and having a location where we can try things that haven't been tried before. I don't think it will be that dramatically radical in the first renditions," Hencknen told ABC News. "We were looking for sheltered waters, we don't want to be out in the open ocean -- it's technologically possible but economically outrageous to afford."

Hencken also discussed about designing a cost-effective reef break made from floating platforms that could provide a solution from the rising ocean levels in French Polynesia. He said that they're willing to working with the government, provided that they're open to the idea.

The floating island will start small but will be self-sufficient as basic facility will be made available on the island itself. The MoU stipulates that the plans will be incorporated into draft legislation. If passed by the end of 2018, construction can start some time in 2019.