The equals sign means is equal to. It is telling us that one thing equates to another; that they are the same.
The iPhone 4 is the most recent iPhone to be discontinued from the iOS Update cycle. It did not receive the iOS 8 update, so it's final software version is iOS 7.1.2. You can update to this version through iTunes, or download it from an IPSW repository like this website: https://ipsw.me/.
As of Wednesday, your old iPhone is now your new iPhone. iOS 7, the latest operating system for the iPhones, iPad and iPod Touch, was made available to the public ahead of the release of the iPhone 5S and 5C at the end of the week.s of Wednesday, your old iPhone is now your new iPhone. iOS 7, the latest operating system for the iPhones, iPad and iPod Touch, was made available to the public ahead of the release of the iPhone 5S and 5C at the end of the week.