We present the design for an ultra-low latency and low energy Internet of Things (IoT) network inspired by the emerging cooperative Non-Orthogonal Multiple Access (NOMA) wireless communication technique. The IoT network model consists of a source at the center of the network, a near device inside the network, and a far device outside the network. The far device is in the near proximity of the near device, however. We deploy the near device as a relay to assist the far device. The near device is assumed to be a low energy node. As a result, the near device cannot forward signals to the far device through its own power. We therefore design the IoT network to apply the Simultaneous Wireless Information and Power Transfer (SWIPT) technique so that the near device would be able to harvest energy and use it to forward signals. Two cooperative IoT network scenarios are examined: Half-Duplex (HD) and Full-Duplex (FD) relaying, each with and without eavesdroppers. The design also exploits Power Splitting (PS) factors for fairness in Quality of Service (QoS) for the devices. Novel analysis expressions are obtained accuracy and approximation of closed-forms for Outage Probability (OP), secrecy OP, system throughput and Jain’s fairness index. The analysis results are proved and verified by Monte Carlo simulation results.