Is UE4 a completely different engine or is it built from UE3?

Unreal Engine 4 development began with the Unreal Engine 3 code, and proceeded with a series of major architectural improvements, eliminating UnrealScript and moving to a pure C++ engine design; implementing an entirely new editor user interface based on Slate; the introduction of Blueprints as a pervasive visual scripting framework; a completely new Physically Based Renderer; and a lot more.