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You can find the main changes over the last version in the first chapter of the specification: https://bugs.otr.im/otrv4/otrv4/-/blob/master/otrv4.md#main-...

Quote:

- Security level raised to 224 bits and based on Elliptic Curve Cryptography (ECC).

- Additional protection against transcript decryption in the case of ECC compromise.

- Support of conversations where one party is offline.

- Updated cryptographic primitives and protocols:

   - Deniable authenticated key exchanges (DAKE) using "DAKE with Zero Knowledge" (DAKEZ) and "Extended Zero-knowledge Diffie-Hellman" (XZDH) [1]. DAKEZ corresponds to conversations when both parties are online (interactive) and XZDH to conversations when one of the parties is offline (non-interactive).

   - Key management using the Double Ratchet Algorithm [2].

   - Upgraded SHA-1 and SHA-2 to SHAKE-256.

   - Switched from AES to ChaCha20 [3]. The RFC 7539 variant is used [16] .

 - Support of an out-of-order network model.

 - Support of different modes in which this specification can be implemented.

 - Explicit instructions for producing forged transcripts using the same functions used to conduct honest conversations.

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