The main difference between a 3-prong and 4-prong dryer is the wiring configuration:
3-prong
Has two hot wires and a neutral wire, but no separate ground wire. This configuration can cause an electric shock if the ground wire opens up. 3-prong outlets are more likely to result in shocks due to water from laundry.
4-prong
Has two hot wires, a neutral wire, and a ground wire. The separate return path for unused power eliminates the possibility of a ground current to the appliance.
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