Firstly, Mac is an abbreviation for Macintosh and therefore shouldn't be capitalised. It’s not an acronym in this case.
Secondly, the error message suggests that it can’t bind to the address on 127.1.47.7 on port 29418. This is either because (a) that’s not the IP address of your Mac, (b) there’s something already running on 29418, or (c) your firewall rules are set up such that the application can’t create a service running on that address (but will instead be fine if a different address is chosen). Does it work if you run it on 127.0.0.1, which is typically the address of the loopback address?