Using Facebook on your phone? Soon, the company will make it much easier, but, some say, at a steep cost to your privacy.

That's the tradeoff as the social media giant announces on Thursday that it is launching a branded smartphone that will reportedly operate on software called Facebook Home. Unlike the current Facebook app that allows users to access the site, the new Facebook phone will further integrate the software into features such as text messaging, photo uploading, and more.

As more consumers transition their online habits from desktop computers to smartphones and tablets, advertisers are following. The phone allows  Facebook to tap into the lucrative US mobile advertising market that is expected to be worth $7.29 billion by the end of 2013, according to eMarketer.