The Chip Address is used to identify each chip in a multiple chip configuration. C Code routines use the Chip Address internally to target updates to a specific chip. It is recommended that each chip have a unique ID.
The Chip Address can be changed by placing the cursor over the number and clicking to make it editable. The ID must be a number between 1 and 255, if you attempt to change it to something other that this, the application will beep, and the ID will return back to the number it was before editing.