You know, i've been reading all this stuff of Destiny on this website. I honestly think that being a Vanguard is a Guardian that can travel to other planets. For the non-updated things in the story: i.e the Cabaul race, or more info on mars/venus, it says waiting report from the Vanguard. It makes sense, because being called a guardian sort of implies staying on earth to protect it. I know it doesnt sound as spectacular as some other speculations, but im calling this one out, and if i'm right, you all owe me a cookie.
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A vanguard is similar to being a "Legendary (insert class)" from borderlands 2. It's a title that's given to a character that's accomplished and well equipped with few things they don't have under their belt. Nothing too special, just a way of showing you mean serious business