Wait a minute; isn't the 'g' for generation? So it's the 4th update, or "generation" of the wireless network?
ETA: I wiki'ed '4g' and while I do know wiki isn't necessarily the most trusted source, it seemed to make sense.
WIKI:
The nomenclature of the generations generally refers to a change in the fundamental nature of the service, non-backwards compatible transmission technology, and new frequency bands. New generations have appeared about every ten years since the first move from 1981 analog (1G) to digital (2G) transmission in 1992. This was followed, in 2001, by 3G multi-media support, spread spectrum transmission and at least 200 kbit/s, in 2011 expected to be followed by 4G, which refers to all-IP packet-switched networks, mobile ultra-broadband (gigabit speed) access and multi-carrier transmission.[citation needed]
The fastest 3G based standard in the WCDMA family is the HSPA+ standard, which was commercially available in 2009 and offers 28 Mbit/s downstreams without MIMO, i.e. only with one antenna (it would offer 56 Mbit/s with 2x2 MIMO), and 22 Mbit/s upstreams. The fastest 3G based standard in the CDMA2000 family is the EV-DO Rev. B, which was available in 2010 and offers 15.67 Mbit/s downstreams.[citation needed]
In mid 1990s, the ITU-R organization specified the IMT-2000 specifications for what standards that should be considered 3G systems. However, the cell phone market only brands some of the IMT-2000 standards as 3G (e.g. WCDMA and CDMA2000), but not all (3GPP EDGE, DECT and mobile-WiMAX all fulfil the IMT-2000 requirements and are formally accepted as 3G standards, but are typically not branded as 3G). In 2008, ITU-R specified the IMT-Advanced (International Mobile Telecommunications Advanced) requirements for 4G systems






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